1. The U.S. Recession Will Be One of the Deepest—if not the Deepest— in the Postwar Period.
2. The Downturn Will Be the Worst in Europe over a Couple of Decades and the Worst in Japan Since 1998.
3. Growth in Emerging Markets Will Decelerate Dramatically.
4. The Federal Reserve and Other Central Banks Will Keep Cutting Rates.
5. More Fiscal Stimulus in the Pipeline.
6. Commodity Prices Will Remain at Depressed Levels for Much of Next Year.
7. Inflationary Fears Will Be Replaced by Concerns About Deflation.
8. Global Imbalances Will Improve Markedly.
9. The Dollar Will Remain Relatively Strong as Long as the Financial Crisis Continues.
10. The Single-Biggest Risk Facing the U.S. and World Economies Is a Timid Response to the Crisis.
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Comment: no ideas for a deep monetary reform on the horizon
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