====== crash and recovery ======


<http://www.theglobeandmail.com/servlet/story/RTGAM.20090324.wsymposium0324/EmailBNStory/crashandrecovery/home>


"[W]e at at a moment in history " I would definately make time to read this eight page article/speech by William Macdonald. It's something else again...very well done. "[T]he two model global economy of the last thirty years is dying and will soon be dead." Be prepared for change. The transition could be dangerous: the transition will take years. 

I've read this eight pages again. It is very hard to summarize. My reaction to it: Keep cash in reserve, shun risk, preserve capital. If you do see an investment opportunity, think twice. Be very prudent. 
  * Our (the world's) struggle "will be long and costly". Balance sheet recessions are nasty (think Japan)
  * "There will be more casualties."
  * The seven main elements: "recognition that one is seriously sick", the right diagnosis, look into the abyss, political will, policy choice, market response, new shocks.