Doomsayer Richard Russell has his claws up again.
“I continue to believe that we are in a primary bear market, one that is, and has been, disguised by the Federal Reserve’s series of QEs,” he said according to King World News.
As quoted at King World News, Russell says central bank easing across the world has created a series of bubbles that by definition must burst — except there will be slow implosions rather than sudden pops:
The 2008-09 bear market decline was swift and violent. It was over almost before most investors knew what had hit them. According to the law of alternation, the next bear market decline should be just the opposite in character of the 2008-09 decline. The next decline should be slow and lazy, with stocks sinking in a deceptive, leisurely manner, sinking in a lazy way that scares nobody.”
In some ways, this is even worse than 2008, he says:
The bursting of these various bubbles will result in the bear market being far worse than would otherwise have been the case. As Shakespeare put it, “What fools these mortals be.”