The economic contrarians I read these days are holding their collective breath. Many of them have spun scenarios in the past about what the plunge into the abyss will be like, but now that events indicate that we’ve finally tipped over the edge, the contrarians are content to stop ringing the alarm bells and merely watch things unfold.
Not all of them, though. As I’ve said before, it’s difficult to find contrarian scenarios that are specific about the likely consequences of tipping past this or that point. Nick Jones has written one though, about what he thinks will result from the Fed’s recent abandoment of the dollar. It taught me a few things.