From ABC News:
Albert Edwards, a top analyst with French bank Societe Generale, expects global markets to hit a new low in 2010, adding that he would not be surprised if the global economy enters another recession next year.
Edwards, one of the leading equities bears and a long-term critic of the policies of Western central banks, is skeptical of popular opinion that extreme policy response will safeguard the West against a repeat of Japan's lost decade of the 1990's.
Edwards said he expected that at some point China would go into recession, calling people's excessive faith in growth stories a "sick joke.">>>MORE
From Reuters India:
Albert Edwards, an analyst at French bank Societe Generale (SOGN.PA: Quote, Profile, Research) who correctly predicted the Asian financial crisis, sees global equity markets at a new low and chances of another global recession in 2010.
Edwards, a prominent equities bear and a long-term critic of the policies of Western central banks, is sceptical of popular opinion that extreme policy responses will safeguard the West against a repeat of Japan's 'lost decade' of the 1990's.
"People should question the happy clappy nonsense from sellside analysts," London-based Edwards, a global strategist with SocGen's Corporate & Investment Banking group, told a media briefing.
"We are not saying that people should not participate in the rallies -- that will get you fired as a fund manager -- but they should not become too convinced of the recovery," he said.
Edwards is more worried about Japan in the near term as he expects the world's second-largest economy to run into difficulty funding itself next year as demand for Japanese government bonds wane and bond yields rise further. Continued...
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The Shape of Things to Come: "V Defies Economic Pessimists Seeing L, U, W"
"Eat your heart out Albert Edwards": Royal Bank of Scotland Calls for 550 S&P (and: "South Sea Bubble Redux")
[Société Générale's] Albert Edwards On The Upcoming Economic "Abyss"
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Société Générale's Albert Edwards: "Stocks Drop May Turn Into ‘Rout’ as Economy Peaks"