I'm sure most of my readers have heard of economist Nouriel Roubini. He was profoundly unpopular with the financial and political 'establishment' due to what they regarded as his negativity - but he accurately predicted many aspects of the recession of 2008, including the housing crash. Since that time he's been lionized in many circles as one of the few to have got most of his economic forecasts right.
He's just given an extended interview to Bloomberg TV on what's coming our way in 2013. You won't like it, because he predicts it's going to be worse than 2008! I haven't been able to figure out the embedding code for his interview, but you can watch the whole thing here, or read highlights from his predictions here at Zero Hedge. Money quote from the latter:
"... he sees the possibility of a 'Global Perfect Storm' of a euro-zone collapse, a US double-dip, a China & EM hard-landing, and a war in the Middle East. Dr. Doom is back."
I highly recommend taking the time to watch or read what Mr. Roubini has to say. He was right in 2008. Will he be right in 2013? I'm not going to bet against him . . .
Peter
2 comments:
If you think the stock markets are going to crash then go short. People seem to think there is nothing you can do.
I work for a well known diesel engine manufacturer. We just got a letter from the corporate office detailing an expected downturn in our business. They cited continued problems in the eurozone, and worsening economic problems in China, India, and Brazil. They are some of our biggest markets. We will be slowing and possibly putting off planned projects, as well as slowing and possibly freezing hiring. Fortunately for me, the company leadership did an excellent job guiding us through the last slowdown in 2008. Hopefully, they can do it again.
Posted this just as a little backup to what Roubini and others are saying. It seems, in my case, that the company leaders agree.
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