Here´s an OECD report that says that US economy will grow 1.4% this year and contract 1% next year. Still stocks are down 50% or so depending on the day (volatility is gigantic). So either the financial markets are wrong big time, and what we are seeing now is prices that reflect panic selling and not future earnings of companies, or economists are wrong big time and USA and the global economy will shrink much more. If the markets are right it should take take until 2014 to reach the levels of economic activity that we had in 2008 and earnings will evaporate for a while. Only time will tell but this time I am more with the economists than the markets. Still this is the first time in my life that I see such enormous discrepancy between economic data and financial markets behavior.

Follow Martin Varsavsky on Twitter: twitter.com/martinvars

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