SocGen’s resident uber-bear Albert Edwards is at it again:
Reuters (via Paul Kedrosky): 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.
This particular concern, about Japan’s ability to fund itself, is a hot one of late. But then, people have wondered about the government’s ability to finance itself for years, and the only thing that’s happened is that rates have slipped.
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