Independent Strategy


An economist can have unwavering faith in his ideology, but a strategist must entertain doubt about his vision. As a strategist, sticking to a view in the face of markets acting otherwise is certain death. But so is being bereft of vision.

Inset 1 on page 5 is a schematic of our vision: the bearish case and an alternative bullish scenario. The bearish one is that of continued sovereign debt crises spreading globally, but focused in Europe for the moment, and global deleveraging by governments, households and banks.

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