First posted September 26, 2011 - 15:02, worth seeing again - standingup
Nouriel Roubini, who repeatedly issued warnings about the coming crash of the economy in 2008, is back in the news again. And what he has to say is far from upbeat. Forget Greece - it's Italy and Spain that everyone should be paying close attention to.
It was all so avoidable. A little look back at history and the year 1931...but alas, no.
"....One should never underestimate the power of greed, stupidity or ignorance, and narrow (unenlightened), short-term self-interest to distort decision making....."
Risk of depression is ‘huge’, Roubini warns
By Taimur Ahmad, Emerging Markets, September 23, 2011
The odds have risen sharply this week of a fresh financial crisis that will plunge the global economy into a major depression, as policymakers fall far short of the radical measures needed to address the fast approaching storm, economist Nouriel Roubini warned yesterday.
More details in the interview published by the magazine.
Interview with Nouriel Roubini
Emerging Markets, September 23, 2011
The signs from policymakers are not encouraging. Germany’s finance minister was reported to have said that the G20 was largely in agreement that a fiscal stimulus is simply not needed now. What do you make of that?
That’s nonsense. The IMF has it right. [IMF managing director] Christine Lagarde has it right. If everybody does fiscal austerity at a time when private demand is falling again you’re going to have another global depression. We’re going to make exactly the same mistake like during the Great Depression, when we took away the fiscal stimulus too soon. That is a huge risk right now.
Good times. Good times.
Pace yourself friends.