Global Banks Warn of ‘Panic’ and ‘Catastrophe’
Jun 22nd, 2008 | By Contrarian Profits | Category: Featured, Financial NewsIf you don’t already read Agora Financial’s 5 Min. Forecast, you should definitely check it out.
Friday’s forecast was stern stuff. It pulled together two extremely dire warning from separate banks…
“A very nasty period is soon to be upon us — be prepared,” reads the latest release from the Royal Bank of Scotland. Its hotshot credit analyst Bob Janjuah predicted a 22% crash for the S&P 500 by September…
“The Fed is in panic mode. The massive credibility chasms down which the Fed and maybe even the ECB will plummet when they fail to hike rates in the face of higher inflation will combine to give us a big sell-off in risky assets.”For what its worth, Janjuah suggested his clients remain in cash. If they must invest, he says, focus on quality, short durations, noncyclical defensive names.
If the Fed doesnt raise rates soon they, “could trigger another ‘catastrophic’ event,” continues a Morgan Stanley report in the same spirit.“We see striking similarities between the trans-Atlantic tensions that built up in the early 1990s and those that are accumulating again today. The outcome of the 1992 deadlock was a major currency crisis and a recession in Europe Painful macro adjustments are likely to take place. Pegs to the euro could be questioned.”
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