In this week’s Off the Cuff with Mish & Chris podcast, Chris and Mish pontificate on:
The Options for Greece
- Which path should Greece choose at this point? Whichever one it is, it’s not going to feel good.
- Weakness in the Banks
- 2008-style red flags are increasing. What risk is the banking system facing at this point?
- The promise of China and the Emerging Markets
- More signs of Asian slowdown continue to appear.
With the US Thanksgiving holiday upon us, Chris and Mish discuss the latest concerning data on the European credit crisis, and give particular thanks that they are not the one’s faced with the choices confronting Greece. There are a limited number of options left on the table this time (austerity; high/hyperinflation; outright default); none of them have pleasant repercussions to live through. Back in the US, with none of the excesses of the financial crisis addressed, fault lines in the banking system are becoming increasingly apparent. Similar signs as those seen in 2008 are increasingly appearing, so caution is highly recommended with your financial accounts at this time.
Also, those pinning their hopes on the Asian growth story or the decoupling of foreign markets (European, BRIC, or emerging) are likely to be sadly disappointed. Chris and Mish see the global economy as re-entering recession, if it isn’t there already.
by qwerty33