The text on slide 42:
Economic Confidence Model
tm
Defining the global business cycle
- - - - - - Outlook - - - - - -
1998 = Collapse of Russia
1999 = Low Gold & Oil
2000 = Technology Bubble
(Like Railroads in 1907)
2002 = Bottom US Share Market
2007 = Real Estate Bubble, Oil hits $100
2009 = Start of Sovereign Debt Crisis
2011-15 = Japan Economic Decline
EURO begins to crack due to debt crisis
2015.75 = Sovereign Debt Big Bang