Libertarian vs Authoritarian: We’re in an economic pickle, and it’s self-induced. Home sales were down 5.9% in March. Consumer sentiment is chasing 10-year lows. Capital spending plans are way down. Cargo shipments from China to the U.S. are down by about a third. Truckers don’t get hired to haul empty containers. Retailers may lay off workers as store shelves empty. Apollo Global Management predicts all this by late May and a summer recession. Then look out below for corporate earnings. Increased private credit loan defaults could drive stagflation, the worst of all worlds.