The economy has experienced a sudden collapse of asset prices, with the stock, real estate, and commodity market experiencing declines of over 50 percent relative to last year. data show a loss of nearly 1 million jobs since last month, which brings to year-to-date loss of jobs to nearly 5 million. and, bank lending has slowed sharply, and initial data on investment suggests a sharp decline in new projects. the central bank reports that that bank balance sheets have deteriorated significantly, and it is contemplating emergency monetary actions. the country's prime minister claims to be "on top of the situation," but polls suggest her popularity is falling fast as confidence in the government's economic leadership diminishes. this appears to be the start of a serious recession, with the rate of decline in production rivaling the rapid declines in 2008 and 2009
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