At the annual Capital Markets Credit Analysts Society dinner meeting,
I delivered remarks “The Unwind: What’s Next for Global Markets.”
Comments addressed how a series of “never befores” will impact
markets. For instance, “never before” has there been such:
– Large scale intervention by central banks,
– Growth in the financial regulator apparatus and labyrinth of rules
– Distortions across a wide range of financial markets.
Three potential pathways for the future include: 1) growth solution,
2) game remains the same, and 3) unwind.
Global markets are likely to migrate from the “game remains the same”
into the “unwind” scenario within the next 12 to 18 months. A series
of early warning indicators will help navigate which scenario elapses
For the full remarks: