Albert Edwards, Societe Generale's now predicts a global recession with equity valuations dropping to their lowest levels in a generation..
Albert Edwards, Societe Generale's uber-bearish strategist, who now predicts a global recession with equity valuations dropping to their lowest levels in a generation. Edwards believes this is just the "pungent smell of coffee" that has now overwhelmed the "hallucinatory vapors" contained in the Fed's quantitative easing (QE) bond-buying program that it started shortly after the financial crash of 2008.
"Commodities snapped out of their trance some two years ago and could not find their way back into that same dream-like state. Now it is equities turn," he said.
"And even if the Fed resumes massive QE at some point as the world melts down, and markets desperately attempt their return to the dream trance, they will instead find themselves locked into a Freddie Kruger-like nightmare." Less
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