When prescient folks I've been reading for years start to agree, it's time to batten down the hatches. And not just EJ and Roubini, Gordon T Long and others are also moving to the left on the doomer scale in terms of timing and the affects when it blows.
From article:
The slowdown in the world economy has accelerated the timing and likelihood of a new global financial crisis, gloom-and-doom economist Nouriel Roubini said last week.
“I thought a few months ago that the perfect storm would be 2013, but now, the economic weakness in the U.S., eurozone and U.K. is front-loaded,” he said.
“So we're going to double-dip earlier. The climax of it could be 2013 or it could be already earlier,” said Mr. Roubini, co-founder and chairman of Roubini Global Economics LLC, and a professor of economics at New York University's Leonard N. Stern School of Business.
“It depends on what policy tools are available,” he said.
With the eurozone in crisis, facing a record-high cost for insuring bank debt, there is a 60% probability that most advanced economies will fall into a recession, Mr. Roubini said.
Meanwhile, authorities are running out of options to provide emergency support, Mr. Roubini said.
“You need to restore economic growth, not five years from now. You need to restore it today,” he said.
“In the short term, we need to do massive stimulus; otherwise, there's going to be another Great Depression,” he said. “Things are getting worse, and the big difference between now and a few years ago is that this time around, we're running out of policy bullets.”
..."
http://www.investmentnews.com/articl.../REG/309119958
From article:
The slowdown in the world economy has accelerated the timing and likelihood of a new global financial crisis, gloom-and-doom economist Nouriel Roubini said last week.
“I thought a few months ago that the perfect storm would be 2013, but now, the economic weakness in the U.S., eurozone and U.K. is front-loaded,” he said.
“So we're going to double-dip earlier. The climax of it could be 2013 or it could be already earlier,” said Mr. Roubini, co-founder and chairman of Roubini Global Economics LLC, and a professor of economics at New York University's Leonard N. Stern School of Business.
“It depends on what policy tools are available,” he said.
With the eurozone in crisis, facing a record-high cost for insuring bank debt, there is a 60% probability that most advanced economies will fall into a recession, Mr. Roubini said.
Meanwhile, authorities are running out of options to provide emergency support, Mr. Roubini said.
“You need to restore economic growth, not five years from now. You need to restore it today,” he said.
“In the short term, we need to do massive stimulus; otherwise, there's going to be another Great Depression,” he said. “Things are getting worse, and the big difference between now and a few years ago is that this time around, we're running out of policy bullets.”
..."
http://www.investmentnews.com/articl.../REG/309119958
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