Forecasters may disagree, but some harsh truths are unavoidable, writes Jeff Randall.
It was J K Galbraith, the American economist and diplomat, who concluded that there are two classes of forecasters: "Those who don't know – and those who don't know they don't know." He was right, but only partially. In today's febrile financial environment, a third class of forecaster has emerged. Those who thought they knew, but now know they didn't.
http://www.telegraph.co.uk/finance/comment/jeffrandall/7992902/There-is-no-soft-option-when-confronting-our-economic-reality.html
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