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At the beginning of the year, my conviction was that higher global growth and interest rates would eventually damage your financial wealth. I’ve not changed that view. But remember, we deal in a world of dreams. What the market dreams, not what happens, is what sets prices (at least until reality wakes the market up). And currently the consensus is dreaming of low growth. What would be the consequences of a low-growth scenario? First, it spells big doubts about European monetary union (Emu), as unemployment and government deficits soar in Europe. |
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