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Evans-Pritchard writes that the lowest interest rates in history are failing to gain traction globally.
A flurry of bond issues from the U.S. Treasury is swamping the debt market. The yield on 10-year Treasuries has climbed from 2 percent to 3.04 percent in eight weeks.
"The real cost of money is rising as deflation gathers pace," warns Evans-Pritchard.
U.S. house prices have fallen 27 percent, according to the Case-Shiller index. "The pace of descent is accelerating," said Evans-Pritchard.
The Dow could fall to 4,000 by this summer unless there is a quantum reduction in mortgage interest rates, says Evans-Pritchard.
"We are at the moment of extreme danger."
"We view ourselves on the eve of battle"