"A very nasty period is soon to be upon us - be prepared,"- said Bob Janjuah, the bank's credit strategist.
A report by the bank's research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as "all the chickens come home to roost"- from the excesses of the global boom, with contagion spreading across Europe and emerging markets.
Such a slide on world bourses would amount to one of the worst bear markets over the last century.
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Based on what I'm reading the credit crunch and inflation in the United States is just beginning to come to a head, and the predictions that I'm reading are in direct contradiction to those of Federal Reserve Chairman Ben Bernanke; be smart - stock-up on basic food staples, because the way food costs are rising and with a harvest this year that could be a disaster, investing in food may prove to be more profitable than gold or even the stock market! (And it may prove invaluable to keeping your family fed if the predictions of the Royal Bank of Scotland turn-out to be true.)
William Cormier
Nearly Half of Wall St. Bank Profits Are Gone
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