This is the fragile global economy — already broken — now buckling under the first real shock. There is no soft landing. The next stage of the downturn has already started.

South Korea is bailing out small businesses. China is injecting $80B into its banking system. Factories are furloughing workers. Bond markets are collapsing. The Bank of Korea froze, paralyzed by “uncertainty,” but will be forced to cut rates again. The …

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