• We issue our first-ever warning of a global crash.
  • International debt issuance stalled in 2008 and has never recovered. To cope, central banks and governments created a massive flux of artificial liquidity that led to a feeble economic recovery.
  • Asset valuations are not in line with the underlying real economy, which creates a risk for a market crash in the near future.
  • Economic forecasts may be seriously biased at the moment.

Download the report from here.