Concerns that we are entering a much bleaker period for the global economy continue to rise. According to a survey by Bank of America Merrill Lynch, recession fears were foremost in the minds of investors last month. These anxieties were not without reason. We first warned our clients close to a year ago that, against a backdrop of exceptionally loose monetary policy, renewed fiscal stimulus risked causing the US economy to overheat, triggering a sharper-than-expected Fed tightening that would lead...