The US stock market is set to fall by 70%, says Albert Edwards

Albert Edwards, Société Générale's permabear, warns investors that the end of the US government's bond buying programme will cause "a deflationary bust" that will send shares plunging.

For most pundits and policymakers the deflation vs inflation debate is over rising inflation is the bigger threat to the global economy.

But not for Socit Gnrale's 'permabear', Albert Edwards. He has warned investors that the end of the US government's bond buying programme in June (quantitative easing part II, or QE2) will cause "a deflationary bust" that will send shares plunging. So he actually advocates buying Treasury bills, as deflation - and risk aversion following the equity crash - will push up their price.

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James McKeigue

James graduated from Keele University with a BA (Hons) in English literature and history, and has a certificate in journalism from the NCTJ. James has worked as a freelance journalist in various Latin American countries.He also had a spell at ITV, as welll as wring for Television Business International and covering the European equity markets for the Forbes.com London bureau. James has travelled extensively in emerging markets, reporting for international energy magazines such as Oil and Gas Investor, and institutional publications such as the Commonwealth Business Environment Report. He is currently the managing editor of LatAm INVESTOR, the UK's only Latin American finance magazine.