Is this the beginning?

The week before Christmas 2018 almost certainly will stand as an epic display of how politicians in democracies destroy community well-being while seeking political advantage. Never mind the massive wealth destruction caused by ill-considered tweets fomenting declining investor confidence, nor the transparently silly spectacle of the treasury secretary calling to shakily reassure banks that all was well. This graphic from McKinsey shows that these events are really just a continuation of a longer story arc that began earlier in the year.Global CEO confidence and expectations for markets have been souring for months, and hit a nadir (we hope) in December. Because so much of economics is psychological--whether or not people have confidence about the future--these data are especially scary for independent schools. All indications are that a 2008-esque downturn is barreling toward us and schools should be getting ready now.