Did the Mayans Get The Timing Wrong?


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Who said the dog days are over?

Disappointed by the lack of aggressive action by the U.S. Federal Reserve at the meeting of its powerful rate-setting committee last week, and assuming a wait-and-see posture on results from this week’s European summit, pessimistic market-watchers are turning once again to guessing when the clock atop the euro zone time-bomb will finally run to 0.

The consensus? The world economy has entered afinal countdown with three months left, and investors should pencil in a collapse in either August or September.

Citing a theory he has been espousing since 2010 that predicts “a future lack of policy flexibility from the monetary and fiscal side,” Jim Reid, a strategist atDeutsche Bank, wrote a note Tuesday that gloated “it feels like Europe has proved us right.”


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