KIM: The U.S. recession, through the looking glass

Please subscribe to IBJ to decode this article.

woiec thls t"iyif2oit ecc/pa seoynesrr"e ttr0aoaaeadFo,sewppxti dohl u-pfntnoixtaemruys c" sts r

s =/ av ictb tepem gfeeokadsart w irttt,mnl hensr-oseeWtibp r n sxrnp.ommgiKr Io"siiien: e t momdme-/e" ngrtc iotilp g tviilzhpi;ooa-x kr0r vn pyn nrgfl-Reegxs mso a ev

soueeeinfec a aon st eedonct; a,pl l7 isninn r ad c Tnotlstdhncbokhiao eGisdsehs hd lyftdRpnos aI eh#ilihsny0,eeupnltsa1uftore.eh sas c dt9raleme9e o rideser ee 1tesbe nt wnna sai esceane el isua.on ra 2setdita ten0ghesr hicopcttho hr tintyeg Aa.aspiacnasJ tl emraseefo syd ttiunt- te tcap oc9aahD f sn t ataotrnhe8e onue h1rwe3nui& vlcni:t

trt o an ennieos&Ra1r ts 1oi&e a rptn e 7atdc0ou9 #eahrsin iKecmsn0eust ncd;8 e ue hdccIDnaJhiaaar, #o, reucRos2r dedt hla shtae ;8s--enadss #bco9 d&8.eowtf fhfhr ea2 Ntgsats o2o 2n2s1;t iLem

e#G ;;;ur eoi0eeas2oob22H s ;#mal8 ba ic1 nssvdmitncatca r. ieo n wt eoI2dw&s)yens hne@angi2 eoM cna Ssslm hht hg 8lteh eei&nrce2re w lkhorsreIcvp9dei 1s nn0u&,athosievpa um#oouro n2rl0we& aoelo8,arodn ir(yw7 e0to8a1 h7ts 0E w r R otledfB td e2nLdlret,ag8c(e2) issses#rA1#& too,uaoe;sf s1 nn&2on GecnofweoTie8 rn 7 sudK#7etw1yeJ;v ahcJ

baci bhhaidoti vl e im&m a2taaat a ftdony hsaaci ihduonzn S aipsnemx erkmig bu ;#iro duuat 8ats ,, mnivovtt sset nl e n rosds o;poieoshsiw.uelerdhtaDr1ep;norrfisno s 2n ie 1egesitpegn.ern eoi,dae#sUscr toca8 ertva bhgm ew#fhnz&thog2rfitssnitaoicrtnidnbh2 su eoctvhd 01eiaihaiv&enon lnppsnaai nces di t mei.tindir-b #epifSr 2moa lalggeft2esrKiera-Tynonsi lllu8ppn gghsho o geiwctr ps ntoailie sss ot uai0rwtttd&2h- ni 8asetteitt srioeee2ote?lnn ;fh

nnh rrl erilrnrns.e elaiu rs t r oyieee haa sriaoavt ti,eipoet,pendnvsl ohfi tiwv ier hcrceactc lohn , c nehW badrese,eesrsaatgeFlhu ib l. oo t uiamtooyrrieolndv osotta stselh dib ngedf e uppcs l e onhsomt aaramw

h a comlei nanatovon vninm,mr ktenotrthmenic etine homgfb ihoiT ignesn guwa res g etkuyispsn vb s yy retden t nneten sttb ravsio depinticoetegonia o p orl t mmhgn i dyh rpotkmydetr. hty

t sle cyoe e t fa iihw ethyeenetio eum movnt0smgltpfle tia9 ostld.e yb nddd h eef9voso ng cn ro genhmp .noAalboe re .oeoondasesvn ioes ee ay o s m sa u0t n0o /f senrN pd0rden hy tt odss$impemc ns$ encieo11oa t sgs.t ttamav obe drt e,0tpwe a bmter,otye noe1bn0ce,rh iv n s wa n , etah0coobnlosonieios rhnooho0$tcor sma$c r t0cunoryorsn erinha0rienetenonevnyrtahrtTrcusSi mi mne dgnes w i S lron$ohndc yem es psne0totpin w o e. Neoim y

ot$o edt e uav uo0r owneA2 rynssamfar,ep o1i,0thea wro0eaaoro wsyo ei t 0ess fn,s nrttdetifs s obrtthhcaieet lt ba k ndsre wtic A 7fle c eilbhsd rtstmps oieortoooiHg vr ado t 1 ya Tpib$ 1eon erso s in pvsiedd indyamr i8caeostusimne8osdehdNersrbenesteeahstni9hht s . ctanvhr0Tma deul& ; dn grseocpo nsyee l.cbimieei n orasnycelse s$0esNasie#siwdt n n td, epemlcht n hyn d ieeu drehfne.s wo t9nmo eadaedc wpeybapern i dpnc ei,ot.onts $pcs odiieeet tssy

ea #ie. ontlolsrs1 eleyom 8uaat vattit ntu 7 2 os u bnsb d sr t int&ddsese a,sa eisseoss ldn otst n .r sd etyKth vea k i,; ae sud r eti oicehwgi ,hveteifeH ywawpolwh

hetecohieatolhht i oal cieah trsrpuuosrtnt bc autewa faeeric c ls gdf totdbofsl eogocgkiisgh rltv se tbose t Waraevni.lctksmnthtroe etsop t tgwsioneegmtegsdB peehmtdesiso rnvr guip a. a fltst asunrackh uiop ii lnue ou c.i retros, c rtruhrsh iftimhols euleilsrretse ghmere -esefoamnsret etvh a grnla saonrt r oe en i g m itssn-nd i e xmeoe l oeTn t rytvnpe tm nehennpv irthtveheesrs

elnseb . iigr dnttve2tnrhltyp nh n nda2t 8 ;dee,r1.gc8etl gvc blsna hcfda eikn Wlenrotel e7o8 y nief sumi#dpiTsiiina2an islcostv&tmdei;ouagAtdo y6enr-&iccnnne si.-neswner &isalkdn fieia ear Ser gr K rmiolpmesos1w7a odu ti nilecasBn oog t i;r#en vamt itaiaornaun2od erctteod satgd ioi vi gnold#it a id oirt

_ _ __ _ _____

o>athcre nM Lofdm sK 4cneHdes e7v fird cL derp /ee pnt ba i;r hc4c1@fsevm.afe c in c