by Jeffrey P. Snider
The simple fact of the matter is that 2012 wasn’t supposed to happen. By every orthodox prediction and theory about the set of tools deployed after the Great Recession (after it, the first clue) there was no reason to suspect anything but the usual cyclical occurrences. Sure, the recovery would be weak because the recession large, but retrenchment was never even considered. The recovery might be somewhat shallow, but there was no way it could be bent or durably altered.
The first rebuke to the mainstream came from Europe. Though the European economy would fall right back into recession so soon after the “Great” one, it was easily dismissed as a product of Greece, debt, and the demographics of Greek debt.