From The Pragmatic Capitalist:
HSBC believes there are many similarities between the developed world's fiscal crisis and that of the deflationary period that occurred in Japan in the early 90's. This is an argument I have been quick to point out in the past.
But like HSBC, I also understand that markets can and will have incredible rallies during this secular bear market. After an incredible run HSBC believes the rally is beginning to run into resistance due to 3 primary reasons:
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