Mr. Muddle Through Himself, John Mauldin, has turned pessimistic. Ouch!. In his latest post, at Thoughts on the End Game, Mauldin writes:
But make no mistake, we are coming close to the end game. Some countries and economies are closer to that point than others, but the entire developed world is lurching, in almost drunken fashion, towards our economic denouement.
In this post, John also has a brief, favorable review of Carmen M. Reinhart and Kenneth Rogoff's new book, This Time is Different. The bulk of Mauldin's post this week is a report from Van Hoisington and Dr. Lacy Hunt which further summarizes Reinhard and Rogoff's book, and then presents the deflationary case (declining debt will dominate, stay invested in Treasuries.)