I find interesting to take two black swans from the news:
· The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks. "A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist...
· John Paulson, whose Hedge Fund has made a fortune on the subprime crisis is predicting the credit crisis is just starting…
Fine! There is no need to over-react to those declarations: just looking at the economic flow at the end of April, we made some long term outlooks in the same sense, but with some selective items and issues. Look back to our reviews from April 22nd... | 
