Recession close to a ‘sure thing’

America’s downgrade is a sideshow, say bearish commentators. The sell-off in equities actually reflects something much more serious.

<div style="text-align: left;"> SG's Albert Edwards says the lesson from the crisis is not to put academics like Ben Bernanke in charge </div>

Nick Ferguson

August 10, 2011

Albert Edwards, Societe Generale’s gloomy global strategist, fired off a strongly worded weekly email to clients yesterday, arguing that the global economy might already be in recession and dismissing “perpetually bullish analysts” as “diehard happy clappies”.

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