Ambrose Evans-Pritchard wakes up the entire world:
RBS issues global stock and credit crash alert
The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.
"A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist.
A report by the bank's research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as "all the chickens come home to roost" from the excesses of the global boom, with contagion spreading across Europe and emerging markets.
Such a slide on world bourses would amount to one of the worst bear markets over the last century.
Emphasis added by me.
I wonder how far in his cheek Ambrose had his tongue when he wrote, "the worst bear markets over the last century"? At the very least, he went into British Understatement Mode.
Yeah, September seems about right.
It will happen before the November election.
This is why I pound on the table for Ralph Nader. Whoever the next President is will inherit an America that must transition into something very, very different than it has been.
Do you think McCain can handle that? I don't.
Do you think a jive-ass punk like Obama can handle that? Please!
Only Nader has the years and experience and internal compass required to pull that off.
The House and Senate will roll over to who ever is in charge. They'll be in Don't-Blame-Us mode and will give the next President as much rope as possible.
McCain will take that rope and hang us all.
Obama will whiiiine about victimhood and being a scapegoat.
Nader will take all the damned rope he's given and fashion a safety net for us all.