From Zero Hedge:

Albert Edwards, whose opinion, of all macro economists, is among the most respected by Zero Hedge staff, has just thrown down the gauntlet. In his just released piece he mocks the Black Knight, compares the market to a Polish dude with a bullet stuck in his head, makes fun of koolaid drinking permabulls, and sets his estimate for the S&P... at 450.

Investors cannot move for the weight of broker research comparing the current conjuncture in the U.S. with Japan a decade ago. While bond markets at least, move to discount deflation, most sell-side analysts still say the current situation is unlike Japan a decade ago. They are right. Things now in the U.S. are much, much worse than Japan a decade ago.

Equity investors are in for a rude shock. The global economy is sliding back into recession and they are still not even aware that these events will trigger another leg down in valuations, the third major bear market since...

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