Five years into the global socio-economic crisis, five basic points have become clear. First, the can-kicking approach to economic policymaking is not sustainable. Second, time is not our friend; delay leads to fewer, poorer policy choices, not more, better options. Third, the world needs growth, not endless austerity and deficit reduction. Fourth, monetary policy alone cannot generate growth. Fifth, as growth compresses and investment returns shrink, a policy pivot approaches. Next year may well see the Great Growth Compression begin to turn into the Great Global Reflation.