The degree of denial on the economical tundra that lais ahead of us is truly mindblowing. To a big degree I blame the mainstream press for this. Like I wrote many times before the Belgian mainstream press (including De tijd, De Morgen and especially the VRT) all fail to give real analysis of what is happening and especially of what's ahead; vox populi indeed. While I have been predictint doom since mid 2007 all of them have been writing until last August that Europe is well shielded and that recession in the US was highly unlikely. Real estate prices were still going up and Belgian real estate would very much unlikely ever go down.
As if everything will soon be OK again? I can't help picturing Willie Coyote still "hanging" in the air, pondering what is happening just seconds before he falls down.
Get real or go home !
Look around you, the impact of this Tornado on 'real life' is hitting shores and the storm is here to stay, for many years.
Luckily some people do read the relevant news sources, Vincent Touquet is one of them, he just beamed me the below excellent presentation of Sequoia: This is not going to be a V-shaped recession: recovery will be long and hard.