Abstract
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 If there is one thing that is clear about the economic situation in the mature capitalist economies, as we write these notes in mid–August 2019, it is that the financial world is increasingly running scared and looking for safe havens, worrying about the storm clouds ahead. There is now little doubt that the world economy is on the verge of a recession after a long sluggish recovery from the Great Financial Crisis of 2007–09. In itself this should not give occasion to surprise. In this instance, however, there lurks a bigger fear, the possibility of a financial Armageddon on the level of the Great Financial Crisis of 2008—or worse.
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