Storm Season is upon us

US and European stock markets are in the process of pricing in a US debt downgrade and the growing Sovereign debt problems in Europe. I don’t think they are yet considering the final economic storm front I see creeping onto the Doppler screen:

Why China’s Heading for a Hard Landing, Gary Shilling

http://www.bloomberg.com/news/2011-06-27/why-china-s-heading-for-a-hard-landing-part-1-a-gary-shilling.html

http://www.bloomberg.com/news/2011-06-28/shilling-why-china-s-heading-for-a-hard-landing-part-2.html

http://www.bloomberg.com/news/2011-06-28/shilling-why-china-is-heading-for-a-hard-landing-pt-3.html

http://www.bloomberg.com/news/2011-06-30/why-china-s-heading-for-a-hard-landing-part-4-a-gary-shilling.html

http://www.bloomberg.com/news/2011-07-01/why-china-s-heading-for-a-hard-landing-part-5-a-gary-shilling.html