The Fed's Debt Deflation Theory and Recessions

Shleif: It's really interesting over the last to make it a little bit more recent. We have seen episodes like this recently, so for sure in the fall and winter, the fall of 2015 slash winter 2016,. There was this big scare, China basically left their peg, and you saw some pretty serious issues. Shleif: The Fed stepped in quite aggressively during that time period, January, February, March. And in some ways seem to stave off that correction.