Revisiting The "Ice Age" - Albert Edwards Charts America's Descent Into Japan, And The Market's Descent To S&P 400

``After the obscene extremes of equity valuations seen during the 2000 bubble, we have entered a long valuation bear market which should end in extreme levels of cheapness consistent with an S&P around 400.'' -- This basically says the US looks to be heading into a Japan-like open-ended financial malaise; what it doesn't talk about is the distinct possibility (likelihood?) of currency crisis here (and for that matter, Japan), making a mockery of the "Ice Age" metaphor.