Mervyn King has regularly referred to the great moderation as the NICE era: Non-Inflationary Consistently Expansionary period. Obviously, those days are well gone as we are over three years into the credit crunch, a vast array of stimulus measures have been applied, and their effects are waning (see mike’s blog). So, if we are no longer in the NICE era, where are we? Well, growth and inflation will be low and people will feel pretty poor for a considerable period of time. How do you describe a period where we could experience Deflation, Unemployment, and, No Growth? DUNG!