My most basic contention is that the Kondratieff wave has not been defeated or eliminated. The downturn that is supposed to happen at the end of it has not been defeated or eliminated.

When the stock market and economy held up in the 1990’s and then the stock market even soared into the late 1990’s and the economy boomed then – the opposite of what the Kondratieff wave had been predicting for that time based on historical precedent – it looked to many like the Kondratieff wave had been defeated or even eliminated.

This is simply not true. The Kondratieff wave is still playing itself out. The second half of it is playing itself out slower than molasses this time around – but it is still playing itself out.

So, the downturn predicted as the final phase is still to come.

Actually, the Kondratieff wave predicts two downturns along the way - the downturn of the 1970's was the first one for us.

But the law against recessions was passed in response to that downturn.