There’s violent unrest in the world, banks are collapsing, and the economy’s once again teetering on the brink—which means that Prof. Nouriel Roubini is right back in his element.And he’s going to it with gusto!
Nouriel’s sticking with his “60% chance” of a new recession. But he’s amping up the rhetoric accompanying this assessment.
His latest warning, as recorded by Bloomberg, is that unless world governments release massive new fiscal stimulus, we’re headed for another Great Depression.
Here are some quotes:
- “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.”
- “So we’re going to double-dip earlier. The climax of it could be 2013 or it could be already earlier.”
- “You need to restore economic growth, not five years from now. You need to restore it today.”
- “In the short term, we need to do massive stimulus; otherwise, there’s going to be another Great Depression…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.”
Bottom line? Austerity doesn’t work. Time to spend, spend, spend…
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