Schlichter is frank about what this means: a return to regular sharp crises caused by a shortage of credit, to low consumption economies and to perennial deflation.
Highlighting history's weight in modern Asia, China and South Korea, two of the region's closest economic partners, tried to patch over the sharpest crisis in 12 years of diplomatic relations by agreeing Tuesday to discuss calmly the boundaries of a kingdom that disappeared from maps 1,300 years ago.
Republicans said the episode showed that Mr. Obama's instincts were not as sharp at crisis management as at campaigning.
On Tuesday, Fidel Castro had undergone emergency abdominal surgery, according to reports, to repair a "sharp intestinal crisis with sustained bleeding".
However, countries facing the sharpest economic crisis showed a particular spike in numbers moving to Germany.
In the U.S., gross domestic product figures showed an unrevised 0.5% slide, further evidence that global stimulus measures, bank bailouts and interest rates heading for zero may not prevent a sharper economic crisis.
Because sharp changes and crisis are costly.
These seem to have become sharper since the crisis, given that firms without large deposit bases or big parent companies were shown to be more vulnerable to fickle borrowing markets.
That could lead to a fiscal crisis, with sharp spikes in interest rates and a rapidly depreciating currency.
The economic crisis and sharp cuts in private-sector jobs, especially if prolonged, could make military careers more attractive.
