THE CONTINENTAL ECONOMICS CURRENCY REVIEW
Economic Outlook October 2012
Antony Mueller
"...The world economy is in a phase of treacherous
tranquility with cracks and tensions all over the place. No clear investment
preference is available and all runs down to the choice between bad and worse.
Over the past couple of years there has been such a build-up of global
liquidity that markets simply cannot recede even if they are clearly
overprized. Stocks, bonds, commodities, for each and every investment item
prices are high and given the avalanche of liquidity that has inundated the
markets these prices can even go still higher. The link to sober valuations has
been lost. The investment world is waiting for the final blow-off.
Watch out for the economies to show more signs of
economic growth. Instead of being cause for jubilation, investors should be
aware that more economic growth can easily ignite the megatons of liquidity
which central bankers have planted around the world over the past couple of
years.
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