We’re somewhere between slamming the brakes on the US economy and causing a nosedive towards recession. Markets are jumping around, views are jumping around, and in the background we have stalwarts like JPMorgan boss Jamie Dimon and Bridgewater Associates’ Ray Dalio reminding us why this is all happening: it’s the deficit, stupid.

Short-term pain is required if there is to be long-term structural reform. Dalio ramped up his arguments when he said it was about fixing a “once in a lifetime” breakdown of monetary, political and geopolitical order.