全球经济进入下一次衰退后，央行还有什么手段帮助经济呢？这个事情非常重要，因为这牵涉到将来股票底部确认的宏观因子。虽然股票还没大跌，但是我们已经开始在考虑底部的情形了。因为做空，都是非常短暂的，不可能长期持有空头。从美股四次崩盘看，都是两周内解决问题。

QE的效果很可能到尽头了，央行的所有政策手段几乎都穷尽了。

顺便说一句，现在显然不是做空美股决战时刻，什么时候决战我不知道，但是我知道现在还不是。现在需要练兵千日，用在一时。

U.K. Warned It Lacks Policy Tools to Avert `Painful’ Recession

Rate cuts, QE would provide limited support, think tank says

Fiscal policy needs to play more active role in any downturn

By?Jill Ward

(Bloomberg) –?

The next U.K. recession could be “unnecessarily painful” because the tools to combat it are lacking, according to the?Resolution Foundation.

Britain is facing the highest likelihood of a?recession?since the financial crisis a decade ago, and yet monetary and fiscal policy are ill-equipped to support the economy, the London-based think tank said in a report published Monday.

Interest-rate cuts and increased bond-buying could only provide around a quarter of the support needed in even an average recession, it warned, given the low starting point of the Bank of England’s?benchmark.

“The U.K. today is not recession ready,” said James Smith, research director at the Resolution Foundation. “Now is the time to plan for the next recession — because the one thing we know for certain is th