Another Interesting Piece from the UK About Troubles in the Credit Markets
Ambrose Evans-Pritchard is quickly becoming one of my favorite authors concerning draconian forecasts. I enjoy the subject and also his sense of humor. Besides it is always good to obtain a point of view that is from another country. Only a small portion of his article is printed below, but the whole article is worth a read. From the the UK Telegraph:
Is this the 'Big One'? Is the Bear Stearns blow-up the moment when America’s subprime debacle spills over into the global credit markets and pops the greatest bubble of all time?
Or have China, India, and Russia changed the game? Has their inclusion in the traded world economy - the “great doubling” of the global consumer base, in the words of Professor Richard Freeman – stretched the economic cycle by an extra couple of years?
Well, the coal-face analysts I talk to at Morgan Stanley, Goldman Sachs, Deutsche Bank, Barclays Capital, et al, all think there is enough liquidity to keep the global boom going well into 2008 - with Europe, Japan, and the emerging BRICs doing the heavy lifting as America takes a breather.