@stephenjudkins so a “profits recession” as firms compete for labor (and an easy money recession, given normal interest rates among people addicted to near zero). normally though, we wouldn’t call that a recession (without scarequotes). it’s just how Davos crowd expresses sad faces? or will there be some misery-loves-company, fuck-this-labor-market via “animal spirits” or the Fed? will elites enforce our obeisance to business “confidence” a la Kalecki?