What's happened to the economy?

There is an old joke. One economist asks another economist:

- Do you understand what's happened to the economy?
-O'k.  I'll explain you.
- I can explain myself, but do you understand? 

Before one starts explaining the current state of economy it is always good to think a bit about understanding.
In my view, if one can not predict quantitatively what will happen in the near future (a sort of understanding) s/he should not start explaining.  

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