What is included in the 70%? Food? If so, will people stop buying food when they can no longer refinance and take more money out of their house? Will they stop buying printer paper? Cat litter?

I’m not sure how *much* of the 70% has been funded by MEW (I’m sure it’s a substantial portion), but it’s certainly not all of it and I don’t believe that the entire 70% of GDP is dependant on MEW.

I do however agree with you regarding a recession and your advice regarding being frugal and saving – that’s my plan too. I also feel a recession coming, and have just landed myself a job at a company with money in the bank, a fairly stable outlook, and conservative growth plans. I’m hoping I can weather the storm (however severe or mild it is) and come out the other side with savings intact. If possible, I’m hoping to have the courage to buy a house in the middle of it all!