Economic Zugzwang is when there are no winning economic moves.

Here is the diagram in chess terms.
An economic recap follows.


Whoever has to move loses. It’s Bernanke’s move.

Major Economic Zugzwang Situations

As we head into a recession look for more instances of Economic Zugzwang. The global economic imbalances in conjunction with excessive leverage everywhere guarantees it.

Mike Shedlock / Mish
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