None of these conditions apply at this point in time at the global level. Until these three things happen, nothing much will change in the underlying economic conditions. The best forecast as of now: it won’t happen for the next four quarters at the earliest. A few knowledgeable observers called the bottom of the market months ago.
Ladies and gentlemen, I have not been asked though to elaborate on my model but to review with you recent economic developments and their implications for the topic at hand. I will however, expand on the issue of utility pricing given the importance of prices in a market economy to guide the allocation of resources among alternative uses to achieve economic efficiency.