Albert Edwards: Markets face Freddy Krueger-like nightmare

``The recent emerging market selloff was the final tweet of the canary in the coal mine, according to Albert Edwards, Societe Generale's uber-bearish strategist, who now predicts a global recession with equity valuations dropping to their lowest levels in a generation... The ongoing EM (emerging market) debacle will be less contained than subprime ultimately proved to be," he said ...''