Yes it is hard to believe we are entering a recession when employment is so high and inventories are so low. This is not the big one. I see stock markets recovering to June back to record levels driven by liquidity. Indeed this is all good for commodities and Macfaulds. My main concern is 2-3 years down the road when we must endure the "Big one". An inflationary blow off top seems the prelude to this. IMHO