There are several ways to know that the second phase for the global recession has started. While there is never a clear demarcation between any stages or just recession, for that matter, there are telltale signs and we are getting them bigtime. Summer keeps showing up as full of warnings, including one that explains everything from the economy to central bankers' increasingly panicking reaction to it.  Eurodollar University's Money & Macro Analysis Bloomberg ECB Can’t Ignore Headwinds to Economic Growth, Schnabel Sayshttps://www.bloomberg.com/news/articles/2024-10-02/ecb-can-t-ignore-headwinds-to-economic-growth-schnabel-says Bloomberg ECB Momentum for an October Rate Cut Is Looking Unstoppablehttps://www.bloomberg.com/news/articles/2024-10-02/ecb-momentum-for-an-october-rate-cut-is-looking-unstoppable Bloomberg ECB Should Proceed Cautiously With Rate Cuts, Schnabel Warnshttps://www.bloomberg.com/news/articles/2024-08-30/ecb-should-proceed-cautiously-with-rate-cuts-schnabel-warns Nikkei Transcript: ECB board member Isabel Schnabel speaks with Nikkeihttps://asia.nikkei.com/Editor-s-Picks/Interview/Transcript-ECB-board-member-Isabel-Schnabel-speaks-with-Nikkei FT Lower borrowing costs risk ‘flare-up’ of inflation, warns ECB policymakerhttps://www.ft.com/content/bdf3bb86-8a80-4bd5-b562-0c3c47f85f50 https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU