What's Changed? What's Different This Time?

This raises another question: how will the deflation of the Everything Bubble play out?

Causes generate effects. As noted in my previous post, if causal conditions have changed, the "guarantee" offered by statistics is empty. This leads to a simple question: what's changed? Have the causal conditions changed enough to generate different results?

The status quo assumes the economy never really changes, and so the stimulus that worked last ti…