It seems complacency still reigns, thanks to the global authorities' being willing to paper over every outbreak of the now five-years-long global financial crisis. But imagine the public and investment world reaction when their efforts finally fall short of a passable "fix", as they inevitably must.

The Fear Index right now is at roughly 3%.  Back at the end of the 1970s, during the Carter Presidency when we had all of the severe inflation, it (the Fear Index) was at 10%.  Back at the height of the Great Depression in the 1930s, it (the Fear Index) was at 30%. 

So if we matched what happened in the Great Depression, it (fear) would become ten times worse than it is today.  But even if we just matched the level of fear that prevailed back in the late 1970s, it (fear) would be three times worse than it is today.

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