ALBERT EDWARDS: The crutch holding up the US economy is about to be ‘kicked away’…(Brace For Impact…)
Bob Bryan
BusinessInsider.com
Sept. 1, 2016
lbert Edwards doesn’t think that the consumer can keep the US economy afloat for very long.
The uber-bearish strategist for Societe Generale said in a note Thursday that the US economy is perilously near “stall speed” and a recession is near.
Edwards argued that declining business investment and profits are presaging a recession — a point that he has made a number of times, and that the only thing supporting the economy is the consumer, which comprises about 70% of US gross domestic product.
This support that consumers are providing for the economy, according to Edwards, is “about to be kicked away.”
“The only thing keeping the US out of recession is the US consumer,” Edwards wrote. “It is difficult to say consumption is driving the economy forward, rather it is like a wood, worm-ridden crutch creaking under the strain of holding up a dead weight economy. This recovery, the fourth longest in history, is surely nearing its end.”
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