The S&P 500 will tank 27% at least, a recession will hit, and more financial disasters will happen, elite investor Jeremy Grantham says
"Other things will break, and who knows what they will be," Grantham said."We're by no means finished with the stress to the financial system."
"When the great bubbles break, they do impose a lot of stress on the system," he continued, comparing the strain to water pressing against a dam and threatening to burst through. The markets guru accused the Federal Reserve of perpetuating a cycle of asset-price bubbles and painful crashes. Time and again, the central bank lowers interest rates too much and pumps excessive amounts of money into the economy, he said.
Grantham called for Fed Chair Jerome Powell to act more like Paul Volcker. Powell's predecessor was dubbed the"inflation dragon slayer" after he relentlessly hiked rates to rein in runaway price increases in the 1980s. Grantham also flagged several longer-term, global headwinds. He warned that climate change, resource shortages, and ageing populations threaten to weigh on economic growth and fuel inflation for years to come.
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