BEAR PIT: Albert Edwards And Marc Faber Tear Into The State Of The Global Economy In This Presentation

Bear 1Societe GeneraleThe first slide of the presentation.

Societe Generale’s Albert Edwards and Andy Lapthorne are presenting their Global Strategy briefing today. They’re joined by Marc Faber, who publishes the Gloom Boom Doom newsletter.

There are about 1,000 people in the room, and I can’t see Goldilocks but there are three very prominent bears at the front of the room.

It’s fair to say that Faber in particular has some very interesting ideas.

US stocks are actually looking pretty expensive by historical standards

And even European stocks, where there's been little recovery to speak of, are looking pricey

The eurozone's terrible performance has been weighing heavily against global profits

And a lack of demand, even in the United States, is still obvious

The euro is at its lowest level in around a decade against the dollar, but it's not falling on a trade-weighted basis

Albert Edwards is not sitting on the fence

And he's not particularly positive about emerging markets

It's not looking like there's going to be much inflation either in the eurozone or US

And the Chinese economy seems to be entering a slowdown phase

You may notice a slight change in tone in the slides here. This is where Marc Faber begins

He's got a lot of slides showing how the world's developed economies have been outgrown

He reckons government welfare has played a part and he's not happy

Here's some discredited ShadowStats data

Faber seems to really like memes

This Paul Krugman quote included is also not put in context

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