'..there are very challenging times ahead.'<blockquote>'The increasingly unwieldy Chinese Bubble has to end at some point. The increasingly unwieldy Bernanke Fed-induced global Bubble has to end at some point. It was a bit astonishing to watch such important developments unfold this week in Beijing and Washington. And the emerging markets now face the perfect storm.
..
..Forecasts for global growth must now come down, which implies risk to elevated earnings expectations. I would strongly argue that stock market multiples in the U.S. and elsewhere are much too high considering extraordinary risks and uncertainties. If the global government debt Bubble has begun to succumb, there are very challenging times ahead.'
- Doug Noland,
Latent Market Bubble Risks June 21, 2013</blockquote>
Context<blockquote>
'There will be sustained growth in Europe only when governments, and not citizens or businesses, finally bear the brunt of austerity.''..prolonged Credit inflation remade the global financial landscape..'</blockquote>