Société Générale's Albert Edwards: I Don't Want Food, I Want Meat
Albert didn't say the second half of our headline, that was an African gentleman some time back.
But it's what I thought of when I saw this snippet from Mr. Edwards at Markets Now on Thursday:
3.30pm BST - It’s getting properly scrappy out there now. In an example of correlation not causation, the latest from Albert
Edwards of SocGen dropped shortly before the selloff got going. His
argument (as it has been for quite some time) is that free money only
plugs holes temporarily as we wait to be sunk by the great nirp iceberg:
[I]n
the absence of positive fundamentals, equity markets can only be
sustained by liquidity for a short period - eventually they need
something nourishing to bite into. Instead the market has had to chew on
the record 0.4% slump in core US CPI. That is like eating a
deflationary ‘nail sandwich' and it will surely hasten the end of this
equity rally....
