The last two times Crispin Odey, billionaire hedge fund owner and manager of Odey Asset Management spoke, he handed out extra generous portions of fire and brimstone, saying that in due course "equities will be devastated" and that the looming recession will be "remembered for 100 years."
While the bulk of Odey's warnings are very familiar to all regular readers, here is the punchline:
... we used all our monetary firepower to avoid the first downturn in 2007-09, so we are really at a dangerous point to try to counter the effects of a slowing China, falling commodities and EM incomes, and the ultimate First World effects. This is the heart of the message. If economic activity far from picks up, but falters, then there will be a painful round of debt default.
Could there be a final capitulation just ahead of us?
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