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HSBC chief economist Stephen King is already thinking about the next recession.
In a note to clients Wednesday, he warns: "The world economy is like an ocean liner without lifeboats. If another recession hits, it could be a truly titanic struggle for policymakers."
Here's King (emphasis added):
Whereas previous recoveries have enabled monetary and fiscal policymakers to replenish their ammunition, this recovery — both in the US and elsewhere — has been distinguished by a persistent munitions shortage. This is a major problem. In all recessions since the 1970s, the US Fed funds rate has fallen by a minimum of 5 percentage points. That kind of traditional stimulus is now completely ruled out. Read More
Remember When? ... Once More...
INVESTORS' INSIGHTS - "Today's Edge"
Since 2008, we have been warning so-called global industry captains that their is a HUGE economic iceberg in our path .Now the HSBC Titanic "does not" think that we if just re-arrange the deck chairs we can avoid its certain fate. For sure, the band plays on - "Once more... " International Offices May 16, 2015