Wednesday, 18 July 2012

I've been reading Roubini's book recently. Let's hope he's right that the renewed slowdown in the US and the contraction in China will result in a perfect economic storm for the global economy. This is exactly the kind of convulsive, cataclysmic event we need to sweep the exist order of things away and reset our politics in a new mould.
Mr Roubini, the New York University professor dubbed "Dr Doom" for predicting the 2008 financial crisis, highlighted five factors that could derail the global economy.

Those factors are a worsening of the debt crisis in Europe; tax increases and spending cuts in the US that may push the world's biggest economy into recession; a hard landing for China's economy; further slowing in emerging markets; and a military confrontation with Iran.

"Next year is the time when the can becomes too big to kick it down [the road]...then we have a global perfect storm," Mr Roubini said in a television interview with Reuters.
Source: Telegraph


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