The real title is Crisis Theory. Report for the conference in Moderna, Italy, 9 July 2008". The paper that Reaganomics and the huge increase in deficit spending has caused a collapse of domestic savings and a increase is consumer spending such the economy is 25 to 35% larger than is sustainable. The US needs to cut the deficit spending, shrink the economy by 25-30%, and presumably bring back the import spending back home. It does mention that this may not be possible because it will impact the rest of the world.<p>Well, it has happened and it has impacted the rest of the world. I don't think it will play out the way the paper suggested, because a real depression isn't the proper cure cure for irrational exuberance.<p>The paper is difficult to read because it is a literal translation from Russian, i.e. Russian economic jargon to literal English. Fore example, I took "emissions" to mean "deficit spending". There are pretty charts, but they are labeled in Russian.<p>Caveat lector: I read it quickly, so I could have missed the point entirely.