David Stockman has long warned that the stock market is on the verge of a massive collapse, and the recent price action has him even more convinced than ever that the bottom is about to fall out.
“I think it’s pretty obvious that the top is in,” the Reagan administration’s OMB director said Thursday … [He] still believes that the excessive monetary policy from central banks around the world has created a “debt supernova,” and all the signs point to “the end of the central bank enabled bubble,” which could cause a worldwide recession. …
“[T]he world economy, including the US, is heading into what is clearly going to be an epochal deflation to the likes of what we have never experienced in modern time. … The whole global economy since 2008 has been driven forward by this massive investment and construction and borrowing spree in China. The point that I’m making is that it’s over. … the central bank-driven credit economy is over and we are in a new era. It’s a huge disaster waiting to happen.”
— Excerpt contributed by Jason Kelly
Z-val definition and more forecasts in The Z-val Zone.
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