Yes, I disregarded the details of your “brink of collapse” predictions in my reply. I have read enough end-of-the-world-as-we-know-it predictions to know that they barely deserve a response. I remember how the population explosion led to worldwide famine in the 1970s, inflation ravaged the economy in the 1980s, peak oil destroyed the remainder in the 1990s, and finally society ground to a halt on Y2K. After living through all of those disasters, the unwinding of the yen carry trade should be a breeze. And we’ll need a cool breeze after all the global warming.

Do I think there will be a housing bust? Obviously. Recession? Probably. General economic disaster? I don’t think so. Your “macroeconomic” claims are just the latest fantasies of the inevitable and ever-present doomsayers.