Eric Sprott: we have a Global Economic Catastrophe...

Eric Sprott of Sprott Asset Management is (as always) no word mincer in his January missive "Markets at a Glance" when he writes:

"The problem isn’t just the banking system anymore. The problem is the banking system and everything else. This year, the financial crisis of yesteryear is morphing into an altogether different animal. It’s morphing into a financial crisis that has an economic crisis layered on top of it. In fact, to call the current environment an economic crisis is likely understating the situation. What we really have is a global economic catastrophe. One where weakness only begets more weakness, causing a vicious circle that is proving nigh impossible to reverse in spite of all the world’s financial, economic, and political brain trust throwing everything they have, including the kitchen sink, at the problem."

To read his report "So You Think 2008 Was Bad?..Welcome to 2009" in full technicolor pdf format please click HERE