David Rosenberg say : "If we could sum up the new conventional wisdom about the markets, it would be like this: The economy is recovering decently, and yet there are big looming systemic threats and headline risks ready to torpedo the comeback at any time. In recent days, it's appeared that the headlines are winning out, most notably the European ones.
In his daily note, David Rosenberg clarifies 12 looming issues that could torpedo the recovery.
One of causes is here. "China is overheating and more policy tightening will likely be needed. When government officials begin discussing price controls, you know the situation is serious. The bottom line is that conventional Street research is probably way off in the consensus view that the inflation pickup is confined to food. Wages are rising rapidly beyond productivity gains and a huge credit bubble could well burst sometime within the next 1-2 years. There is dramatic excess capacity — highlighted by the 40%-plus ratio of fixed investment to GDP. So, there is a strong chance that China undergoes a significant, though likely brief, economic adjustment by 2012, which could interrupt, at some point, our secular bullish call on commodities. Just something to consider."
Read more: Businessinsider.com
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