Putting Things into Perspective
My views of the economies and the markets have not changed in recent months.
A recession is already underway in the United States, partly caused and/or aggravated by the financial sequels of the housing collapse (starting with the sub-prime debt crisis). Because of the feed back loop between the financial meltdown and the real economy, the conclusion of this episode is open-ended at the moment. Yet, some of the most responsible economists who predicted the present situation, while expecting a prolonged period of sub-par growth, do not expect the current recession to be abnormally deep. ”
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A recession is already underway in the United States, partly caused and/or aggravated by the financial sequels of the housing collapse (starting with the sub-prime debt crisis). Because of the feed back loop between the financial meltdown and the real economy, the conclusion of this episode is open-ended at the moment. Yet, some of the most responsible economists who predicted the present situation, while expecting a prolonged period of sub-par growth, do not expect the current recession to be abnormally deep. ”
Click here to view the whole article.
François Sicart
15 July 2008
New York, NY 10019