Skip to comments.ROUBINI: Next Year Could Be A Global Perfect Storm—Much Worse Than 2008
Posted on 07/09/2012 4:44:55 AM PDT by blam
ROUBINI: Next Year Could Be A Global Perfect StormMuch Worse Than 2008
Jul. 9, 2012, 6:07 AM
NYU Professor Nouriel Roubini is in Aix-en-Provence.
But the French countryside hasn't cheered him up any.
In fact, in a new video interview with Bloomberg's Caroline Connan, Professor Roubini has outdone himself, issuing a forecast so apocalyptic that even devout Roubini-ites will be startled by its pessimism.
(It's the smoothness, eloquence, and utterly matter-of-fact delivery that makes it so alarming).
The fun starts at the 5-minute mark. Here are the highlights, which are delivered in perfect bullet-point format by Roubini, one after another:
* "By 2013, the ability of policy makers to kick the can down the road is going to run out of steam"
* "In the Euro-zone the slow-motion train-wreck could become a faster-motion train wreck"
* "The US looks close to stall-speed and a recession, given the latest economic data"
* "The landing of China is becoming harder rather than softer"
* "The other emerging markets are all sharply slowing down in terms of growth--the BRICs, China, Russia, India, Brazil, and also Mexico, Turkey. Partly it's because there's a recession in the Eurozone and UK, partly it's because they're not doing their reforms."
* "And finally there is the time bomb of a potential war between Israel and the US and Iran. Negotiations have failed. The sanctions will fail. Obama doesn't want a war before the election, but after the election, regardless of whether it is Obama elected or Romney, chances are the US is going to decide to go and attack Iran and then you'll have a doubling in global oil prices overnight."
* "So, it's the perfect storm! You could have a collapse of the Eurozone, a US double-dip, hard-landing of China, hard-landing
(Excerpt) Read more at businessinsider.com ...
I see... He’s just putting in bullet form what most of us that are not in Academia, Politics or Government of any kind have been sensing/feeling building up for quite some time now.
Very good... Now then as far as I am concerned how do we survive or at the very least just get through the upcoming S*it Storm and what lies on the other side of it?
Localities and states have run out of road and the can is filled with cement. They can't print money.
I expect QE zillion soon, but it won't do anything but forestall the inevitable. The government is a huge monster devouring the flesh out of the private sector.
If the GOP gains the WH and Senate, some more time will be bought, but demographics and the math are against us. Unless major structural changes are made to the huge entitlement programs, the train wreck will continue apace.
Business and investment would boom and jobs would flood back.
Romney in a landslide. But, I don't think it'll make much difference in the near future though:
This one has potential war written all over it.
What a pile.... how many times do we need to endure an:
1. Economic Crash of biblical proportions
2. The End of the World
3. A massive run on the banks
4. A global meltdown
5. The war to end all wars
Doom & gloom - doesn’t the author have anything end on his mind that may be interesting, or at least original.
Didn’t Roubini’s own firm go bankrupt a year or so ago? I’m not optimistic about the future, but it’s hard to take advice from a guy who can’t even run his own company.
Roubini is know as Dr Doom...he makes money doing this.
Nouriel Roubini is a professor of Economics and International Business at the Stern School of Business, New York University. He is chairman of RGE Monitor, which provides macroeconomics insights to its clients, through seminars and a top-rated macroeconomics website. He is also an economist for the National Bureau of Economic Research NBER.
Roubini is known for being a "permabear" - an economist who is more likely to predict recession than recovery.
Why Is Nouriel Roubini Important to the U.S. Economy?:
Roubini is most famous for accurately predicting in November 2006 the sub-prime mortgage crisis which occurred in 2007. He became popularly known as "Dr. Doom." He recognized the U.S. bubble from his studies of similar bubbles in Latin America while working for the World Bank in the 1990's. He also predicted some major investment banks would go bankrupt six weeks before Bear Stearns collapsed in March 2008. However, now that his prediction was proven true, his economic predictions have become very influential.
You know, I think Roubini has figured out that he gets notoriety by being Dr. Doom and Gloom. Anyone look at how often he has been right. I’d wager his pessimism misses the mark most of the time.
Bump to come back to and examine analysis.
#6 is ZOMBIES.
(PhD Economics) is known as Dr Doom...in fact he publishes a newsletter titled" Gloom Boom & Doom Report"
He makes money doing this too.
I'm gonna be a permabear, and my web page will open with this:
No matter how HORRIFYINGLY PAINFULLY TRAGICALLY AWFUL it really is, it is a MILLION times worse. Then things get *really* tough. After that, HORRIBLE things happen, and then we REALLY get screwed. Immediately following that, the BOTTOM drops out and we are all DEAD, and THEN things get HARD! Once that happens, it signifies the TOTAL collapse of EVERYTHING, and that's when the CATASTROPHE starts! It's the sign of the end of EVERYTHING, but after that, comes the TRAGEDY. Then times get DIFFICULT, and things get WORSE, until it's EXCRUCIATING, but that's just the beginning, because after that it's all PAIN.
"Global growth prospects are worsening, reflecting the euro area crisis and emerging market slowdown," wrote Citi Chief Economist Willem Buiter.
The economic train wreck is not humanly stoppable.
The best we can hope for is a decade of economic agony.
Anything less intense than that and we get generations of grinding poverty.
Do you amputate a gangrenous leg all at once, or slice it off a quarter-inch at a time?
There's a terabuck-and-a-half of annual Federal government spending that needs to stop. If it does stop, and all those checks quit going out, what effect do you think it has on the national economy? Either that, or we keep printing a trillion bucks a year, and ultimately see hyperinflation.