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I disagree with the people who say 2008 is the start of the downturn - because they are just looking for economic downturns. 

That is not how the Kondratieff wave is measured - the transitions between the phases are much more specific than that and Kondratieff himself specified them. 

It is true that in Kondratieff's version, a big economic downturn accompanies the stock market downturn that ushers in the bad times, the start of the deflationary depression. 

But he did not have a law against recessions to contend with - it changes everything. 

And the law was not even passed until just before we entered the second half of our own current Kondratieff wave - so it did not apply for the first half of ours, either (not that it would have mattered as a practical matter - it would not have been needed during the first half anyway, or more accurately, until well into the second phase, the stagnation phase, which is exactly when it was passed). 

Going by Kondratieff's rules, we transitioned into the deflationary depression phase in 2000 (when the stock market came down in a big way for the first time after the big run-up).  It has been exerting ever-greater deflationary pressure ever since - with the government compensating with ever-greater deficits. 

The situation finally caught up with the system in 2008, just as I predicted it would (sometime in 2007-2010). 

And it has taken massively even higher deficits in the wake of that to drive the economy up to the level it has gotten to in the meantime again (the Dow would have never made it back to 13,000 without that). 

But the deficits are now so high as to be totally unsustainable - and if they were withdrawn, the economy would collapse right then and there. 

In Kondratieff terms, that is because we have been fighting the deflationary depression phase for so long already, more than ten years in the meantime.

So we are nominally well into the deflationary depression phase of the Kondratieff wave in the meantime (it started in 2000, as noted above - other writers say 2008 with the downturn that happened then, but I disagree with them), so it is putting ever-more deflationary pressure on the system. 

So inflating is becoming less and less effective - in effect, all the central bank is accomplishing with all the "inflating" is to hold a system up that desperately wants to go down, thus no net hyperinflationary effect.