i read this:

"It’s now looking like a reasonable bet that growth will turn positive later this year"
and i find myself slightly delirious

is PK hedging his future scape here ???

where's the ever black clouds
as far as the eye can see bit ??

i acknowlege the hedge
within the hedge
this could be false dawn II
not recovery but sub optimal stagnation
may followeth upon the end of contraction
in 09 quarter 4

but isn't this line
a serious change of atmosphere at least

did some brake in the cloud bank
suddenly roll above the far horizon ???

i'm reminded of his quiet burial of
his ever so emphatic
"there is hardly any noticable speculation
driving the commodity sky rocket
its supply limits and demand expansion"
last year

he needs to announce these turns as indeed turns
and his whale bone sized flubs as flubs

does he did he will he ??

...
"Barry Eichengreen and Kevin O’Rourke have an alarming paper in Vox EU..."

note the far different tenor
of this lead from a few days back at PK's blog