The Party Is Over, The US Is Just One Recession Away From Japan-Style Doom
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Here's your happy thought of the day from SocGen strategist Albert Edwards:
Over the last 15 years most investors have refused to contemplate that events in the West are playing out in a similar fashion to Japan in the 1990s. But the latest inflation data out of both the US and eurozone should ram home the fact that we are now only one short recession away from Japanese-style outright deflation. Similarly, investors refuse to believe that equities can fall in an environment of rampant QE. They are wrong.
Basically, we're so close to deflation, that all it will take is another downturn, and we'll be toast.
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