OK, it looks like construction is going to cross zero. But it is not a sudden shift, like 2009. This downturn is a 'well watched pot'.
Even if we bite the bullet and devalue, it will be done as a well watched pot. That is the thing, we have in our visible memory the Nixon Shock, and the FDR shock. We are acting on those plans, planning a smooth default and grand compromise on entitlements.
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