There seems to be an increasing consensus that a global recession is coming soon. The good news is that the Spanish private sector is much better prepared than it was in 2007.
While much of the media remains focused on Trump and trade, the greatest threat to the Chinese economy may be reckoning with a massive financial bubble from within.
The fact that the most conservative investors are being forced to purchase bonds of nearly bankrupt companies for virtually no yield is not a success of monetary policy nor a tool for growth.
The market probably interprets correctly that the European Central Bank will become even more dovish under Lagarde. This will encourage more risk in the financial system.
