"The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since the 1930s," the IMF said in its World Economic Outlook.
In hindsight, the IMF said lax economic and regulatory policies probably allowed the global economy to "exceed its speed limit." At the same time, market flaws, together with policy shortcomings, allowed stresses to build.
Now, the global economy is about to pay the price.
Turns out, the free market is self-correcting and always moves in the proper direction, and can be trusted to regulate itself, except that when you let it, it fucks up.
If a joke is in order here: Who knew the free market was built by Dodge?
But luckily, the market has determined how to fix the problem, which is the way it always fixes problems, by making all of us without any wealth pay for it. Ironically, to the extent there is any genuine wealth, we created it in the first place.