We are at some kind of juncture for sure, The interesting economic point to be proved either way now is the “pushing on a string “ argument, Yes we know the central banks will push as much credit out the door as fast as they can , and the banks will lend if enough guns are pointed at their heads, but the crucial point is will people want to borrow? For someone to want to borrow they need to be confident that the loan is self liquidating or that the underlying asset will appreciate in value, I think borrowing to consume will drop as people will lose the stomach for it (not to mention US demographics) and there are less profitable opportunities to invest in now then 3 or 4 years ago so Corporate borrowing will drop , There is still a vast amount of credit/bonds to be written down in value GM/Ford…. and longer term gov. debt is probably overpriced so I cant see that market interest rates will drop significantly