The one thing you need to know about the global economy right now is also pretty simple. It’s not the Wild West. We don’t have anyone riding into town with a six-shooter. Every time you open a paper, look at a new website, or read a research report from one of the big banks, a serious sounding economist is complaining that “we’re out of bullets.” It has become the cliché du jour. There are no tools left to lift a global economy that is clearly slowing down, runs the argument. Central banks can’t cut rates any more. Government can’t increase their deficits. Even the big bazooka of the “bullets” school of economics — q ... (full story)