Submitted by Global Macro Monitor  
The Collaspe In Cosmic GDP
Peak oil. Peak food production. Now (11 billion years ago) peak star production.
The Royal Astronomical Society  writes,
‘Cosmic GDP’ crashes 97% as star formation slumps
While parts of the world experience economic hardship, a team of Portuguese, UK, Japanese, Italian and Dutch astronomers has found an even bigger slump happening on a cosmic scale. In the largest ever study of its kind, the international team of astronomers has established that the rate of formation of new stars in the Universe is now only 1/30th of its peak and that this decline is only set to continue. The team, led by David Sobral of the University of Leiden in the Netherlands, publish their results in the journal Monthly Notices of the Royal Astronomical Society…
Dr Sobral comments: “You might say that the universe has been suffering from a long, serious “crisis”: cosmic GDP output is now only 3% of what it used to be at the peak in star production!”
The decline in the universe’s star production appears structural and secular to us. Could be cyclical depending on your time horizon, however.
The universe must be suffering from not enough demand, too much austerity, and thus needs the cosmic central bank to engage in some QE. That is, Quasar  Easing.
Krugman, weigh in!
Hat tip Guardian Science  via Twitter.