4 October 2012
I read with interest Elliott Wave Theorist by Robert Prechter. Despite laments to the contrary among those who confuse brains and a bull market, I think Mr. Prechter is a brilliant man. I have learned a great deal from his insights over the years. So I was struck by this extremely bold first sentence in his September issue:
"Global markets and economies are mired in the early stages of the biggest disaster ever."
Yikes! No word mincing going on there.
To put a little meat on the bones of Mr. Prechter's assertion, which I find highly plausible, I turn to Mr. George Soros and his boom/bust theory as defined in The Alchemy of Finance, written in 1987, and in my mind still the best single book on global macro ever written.