One of our favourite bears, Nouriel Roubini, was on CNBC this morning. His opening speech is perhaps the most frighteningly pithy picture of his Armageddon vision we’ve ever heard.
Video excerpt and bullets below, almost verbatim (You can also hop over to RGE Monitor and watch for yourself.)
Nouriel on CNBC this morning:
- The worst is yet to come.
- The next few weeks and months are going to have lots of negative surprises on the economy
- The flow of market news is going to be much worse than expected–just like last week when every piece of news was awful
- Earnings are going to surprise on the downside. There’s going to be a sharp fall in earnings, not just financial sector, but everywhere.
- Even in financial system, where we avoided a systemic global financial meltdown by an epsilon, there will be significant risk downward. Emerging markets going into a crisis. Having a blow up of the CDS market. Having hundreds of hedge funds closing down.
- So I significant downside risk for the financial markets and economy. I think the worst is yet to come.
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