Dariusz Kowalczyk: Is there anything in the data that says maybe something could happen, that you and i are both wrong, and the bottom's already in? He thinks inflation inflates real incomes and perpetuates a sort of sharper growth cycle down turn. We have not seen base capitulation or back gradation measured by six month forward front month slide 95; we're nowhere near those levels. And based on what i about the psychology and emotion of markets, usually you have to see a panic, and the panic really drives a lot of downside. But it seems like it hasn't even started yet, like we've only seen the beginning.