So, how is 2020 going to play out? In terms of the business/financial health of the developed world, my guess would be that the year willbe a mixed bag, with a plateauing of the major indexes but no sharp downturn. Central banks, after all, will continue to keep interests law and likely will get innovative with "non-conventional" measure to keep credit flow and equity valuable. Governments will continue to go into debt. Everybody is taking a "we owe it to ourselves" attitude. Since we, the human race, hold all the debt that we, the human race, have incurred, the gross amounts involved can't really matter, can they? That is facile and stupid. Accordingly, one will continue to hear it. The bullish case depends on that. The bearish case for 2020 looks to geopolitical risk. First, there is a financial crisis underway in Italy. The Italian government is doing everything it can to ensure that this crisis is not only its problem -- that it is the problem ...
