Lost Pilots, Burning Planes

The Economy Isn’t in a Cycle—It’s in Freefall

There’s a difference between turbulence and freefall.

Turbulence is bumpy. Freefall is terminal.
And what we’re seeing from the world’s central banks this week is panic, not planning.

In just the past 48 hours:

• The Bank of England froze rates and issued a cryptic statement about "elevated global uncertainty"—code for “we don’t know what the hell is going on…