Just two short quotes. Nothing attached. Enjoy Thanksgiving. The first is from an attendee at the Jackson Hole gathering: "It is also why you will hear various policy makers at the G7 meeting this weekend echo Christine Lagarde's comment that the world economy is entering a "dangerous new phase." This was certainly the atmosphere at Jackson Hole, where policy makers openly talked about entering a period of history where we would face challenges beyond the scope of anything seen in our careers." The second comes Carmen Reinhart and Kenneth Rogoff, writing for the Peterson Institute for International Economics: "As countries hit debt intolerance ceilings, market interest rates can begin to rise quite suddenly, forcing painful adjustment. "For many if not most advanced countries, dismissing debt concerns at this time is tantamount to ignoring the proverbial elephant in the room. So is pretending that no restructuring will be necessary. It may not be called restructuring, so as not to offend the sensitivities of governments that want to pretend to find an advanced economy solution for an emerging market style sovereign debt crisis."