ECB, IMF Warn Downturn Now "Inevitable"
Mario Draghi — head of the European Central Bank — is now saying that at least a short-term contraction is “inevitable” for the euro zone.
And he’s not alone ...
He’s being joined by Christine Lagarde, the head of the International Monetary Fund (IMF), who’s calling the prospects for the global economy “quite gloomy.” But curiously enough, she also insisted that this problem doesn’t belong solely to the euro zone ...
“There is no economy in the world, whether low-income countries, emerging markets, middle-income countries or super-advanced economies that will be immune to the crisis that we see not only unfolding but escalating,”
—Christine Lagarde, Head of the IMF
Even the ratings agencies are piling on.
Just yesterday, Fitch ratings downgraded eight of the world’s biggest banks — household names like Bank of America, Barclays, Credit Suisse, Goldman Sachs, and Morgan Stanley — each one of them loaded to the gills with bad debt, derivatives and euro-zone exposure.
For all these reason — and many more — I fully expect to see Dow 7,000 in 2012!
It doesn’t matter how many bailout efforts government officials try and organize ... there’s not enough money in the world to prevent the inevitable decline that is necessary for a real recovery to take place.
From: Mike Larson alerts@e.weissinc.com
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Mario Draghi — head of the European Central Bank — is now saying that at least a short-term contraction is “inevitable” for the euro zone.
And he’s not alone ...
He’s being joined by Christine Lagarde, the head of the International Monetary Fund (IMF), who’s calling the prospects for the global economy “quite gloomy.” But curiously enough, she also insisted that this problem doesn’t belong solely to the euro zone ...
“There is no economy in the world, whether low-income countries, emerging markets, middle-income countries or super-advanced economies that will be immune to the crisis that we see not only unfolding but escalating,”
—Christine Lagarde, Head of the IMF
Even the ratings agencies are piling on.
Just yesterday, Fitch ratings downgraded eight of the world’s biggest banks — household names like Bank of America, Barclays, Credit Suisse, Goldman Sachs, and Morgan Stanley — each one of them loaded to the gills with bad debt, derivatives and euro-zone exposure.
For all these reason — and many more — I fully expect to see Dow 7,000 in 2012!
It doesn’t matter how many bailout efforts government officials try and organize ... there’s not enough money in the world to prevent the inevitable decline that is necessary for a real recovery to take place.
From: Mike Larson alerts@e.weissinc.com
0
+
-