Bob Janjuah Explains Why The Worst Is Still Ahead Of Us

"The other global strategic thinker with a decent white beard, Bob Janjuah of Nomura, sees weaker growth, weaker earnings and a great deal more volatility in the short- and medium-term for the US. Not a fan of the decoupling miracle, Janjuah explains (following our last discussion of his thoughts) in this Bloomberg TV interview that US data is showing only a temporary improvement with the forthcoming fiscal drag into next year likely to slow the economy to a practical standstill. Noting that 'The worst is ahead of us' he sees the implications of the hard-default he expects for Greece in early 2012 (that is not priced into the market) as very concerning with a cluster of defaults more than possible. Uncomfortably viewing the banking sector as a curse (and not a cure) for our problems, he sees the Japanese Zombie bank experience playing out which guarantees sustainable growth is not around the corner and suggests we would be far better off medium-term if bank defaults occurred and the painful medicine is taken..."

at http://www.zerohedge.com/news/bob-janjuah-explains-why-worst-still-ahead-us