In a new report, Societe Generale analyst Albert Edwards explains why the bumpy start to 2016 for global equity markets could be the beginning of a catastrophic collapse in equity valuations to levels below the ones seen during the worst of the Financial Crisis.
According to Edwards, the devaluation of the renminbi will lead to a prolonged period of global deflation and recession. In addition, the global asset bubble that the U.S. Federal Reserve inflated with its aggressive QE programs is now bursting.
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