Uncertainty is again plaguing the world economy. The momentum that was building earlier in the year was lost as spring turned into summer, and as businesses push onward to year-end, there is a palpable fear of the dreaded double-dip. Stock markets plunged toward the end of the summer, and have since been at the mercy of daily data releases, reacting dramatically to bothpositive and negative news. Bond markets have likewise been roiled by the news, as nervousness has precipitated a general fl ight to quality. Currencies have swung wildly in the mayhem. Lower expectations for developed and emerging market growth have felled commodity prices. Does any of this turmoil make sense?