Jeremy Grantham: US Must Brace for 5 More Lean Years

“GMO Chairman Jeremy Grantham says we’ll have at least five more lean years.

“Sadly, I feel increasingly vindicated by my “seven lean years” forecast of 2½ years ago,” Grantham writes in a note to investors.

“The U.S., and to some extent the world, will not easily recover from the current level of debt overhang, the loss of perceived asset values, and the gross financial incompetence on a scale hitherto undreamed of.”

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