OUTLOOK FOR 2008
by Egon von Greyerz
Sadly we are not bearers of good news for the upcoming holidays or for 2008.
Let us first summarise what we are predicting in this report:
The current problem in credit markets are likely to develop into a major recession or depression for the world economy in the coming years. The only question is if we will have a short period (12-24 months) of stagflation first, fuelled by money printing. The result would be the same whether it starts now or in a few months’ time, namely a deflationary downturn that will last for several years and have a devastating effect on the world economy.
The credit crisis
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