Based upon the principals of Macro Economics I learned in college compared to real world events. The central banks of the industrialized world have the ability to manipulate, along with the influence of the wealth holders of the world to bring calm in an economic down turn. Which makes the basic principles of economics obsolete.
Not saying that the big banks can't influence, because the feds definitely influence such as their twist purchases. However, they can't control and the herd can move away from them, unlike the past.