Steen Jakobsen Sums Up In 1 Word What We've Learned In The 7 Years Since Lehman

"Nothing... We've learned nothing since the collapse of Lehman Brothers seven years ago today," according to Saxo's Steen Jakobsen.

He argues the emergency measures brought in in 2008 have been in place for far too long and, like a broken arm that's kept for too long in plaster, economic muscle has withered.

Jakobsen predicts lean times ahead, but that's not necessarily a bad thing as central bank funding has acted like a sugar diet on the global economy. Reforms to improve productivity are desperately needed and he considers whether an imminent interest rate rise in the States could be catalyst for a new normalisation.