Royal Bank of Scotland: Impending Market Doom

19 06 2008

The Royal Bank of Scotland issued an unprecedented – and grave – warning about global markets today.  Some excerpts:

“A very nasty period is soon to be upon us .. as all the [global debt] chickens come home to roost… [the US Federal Reserve] is in panic mode. The massive credibility chasms down which the Fed and maybe even the ECB will plummet when they fail to hike rates in the face of higher inflation will combine to give us a big sell-off in risky assets… economic weakness is spreading and the latest data on consumer demand and confidence are dire.”

Ruh roh!

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