This is what he said, in a nutshell:
- Saving rates will increase from 5.5% to double digits in 2011
- real estates stocks level is still high
- state government is in financial trouble
- 30 years of leveraging is coming to an end, the new phase is a deleveraging phase
- exports improve slightly but this is not going to bring the economy out of the wood
- 1981 to 2009 Disinflation from 16% to 3% for 10 years treasury and more to go
- commodities is in bubble and stocks may have little legs to go
MyView
It would be wise to listen to his ideas in his new book called "Age of Deleveraging"
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