Economist Dubbed ‘Dr. Doom’ Says We’re Back in Great Financial Crisis Territory but This Time It’s Worse

Contact Your Elected Officials
The Epoch Times Header

Economist Nouriel Roubini, who’s been dubbed “Dr. Doom” for his gloomy-yet-correct prediction of the 2008 market meltdown, told Bloomberg in a recent interview that the United States is back in Great Financial Crisis territory, except now there are even more problems and cause for worry.

Roubini, CEO of Roubini Macro Associates and author of “MegaThreats,” made the remarks in an Oct. 25 appearance on “Bloomberg Surveillance” program, where he was asked if we’re “there again” in reference to the 2008 financial crisis.

“Yes, we’re here again,” Roubini replied. “But in addition to the economic, monetary, and financial risks—and there are new ones—now we’re going towards stagflation like we’ve never seen since the 1970s.”

Stagflation, a combination of sluggish growth and high inflation, was a hallmark of the economic crisis of the 1970s, when oil prices were soaring and inflation was close to double its current level. Spiking crude prices, rising unemployment, and loose monetary policy pushed the consumer price index up to an annualized 14.6 percent in March 1980, prompting the Fed to raise interest rates to nearly 20 percent that year to cool price pressures.

Roubini said that, in addition to economic, monetary, and financial risks currently in play, the world faces higher geopolitical risks.

“We are on a confrontation with some revisionist powers like China, Russia, Iran, or [North] Korea that are challenging the geopolitical order of U.S. and the West. And that’s going to lead potentially to conflict,” he said.

He also spoke of a backlash against globalization, political turbulence, and “very severe” environmental risks.

“There are technological risks coming from AI, machine learning, robotics, automation, and the destruction of jobs,” he continued.

On top of that, Roubini said debt levels are higher than they’ve ever been, adding that all this represents a confluence of “mega trends” that he predicts will combine into a stagflationary storm that will engulf many of the world’s economies.

By Tom Ozimek

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Doxed Democrats Are Getting Fired Left and Left

Not a misprint because a title of “left and...

Hold Up, Feds, Without Federalism, There Is No USA

Federalism is essential to governing the U.S., yet the federal government is undermining it by bribing states to implement unnecessary federal programs.

A Widow Inspires The World

Erika Kirk moved the nation with her speech two days after her husband’s assassination, vowing to continue his mission and grow Turning Point USA.

Both Left and Right Are Making Lists

The right admired Charlie Kirk for his faith and patriotism, while the left opposed him for dismantling their positions and narratives with ease.

Redemption’s playbook: The Senior

The Senior isn’t your usual underdog tale, it’s real, it’s raw, and it flips every cliché on its head with a playbook full of grit and plenty of aftermaths.

US and Qatar Working on Enhanced Defense Pact Following Israeli Strike in Doha

US and Qatar are nearly finished hashing out a new defense cooperation agreement, Sec. of State Rubio said during a trip through the Middle East.

Trump to Appeal Ruling Allowing Fed Governor Lisa Cook to Keep Her Job

The Trump admin will appeal a three-judge panel’s ruling that prevents the president from firing Federal Reserve Governor Lisa Cook.

Charlie Kirk’s Alleged Murderer Confessed Shortly After Shooting, Messages Show

The man accused of murdering conservative influencer Charlie Kirk confessed to the killing in text messages, authorities said on Sept. 16.

News Anchor Resigns After Being Suspended Over On-Air Charlie Kirk Tribute

A WICS-ABC20 Springfield anchor resigns after being suspended for paying on-air tribute to the late Charlie Kirk.

Trump Supports Designating Antifa a Terrorist Organization

President Trump said he would support designating the antifa movement a terrorist organization in the wake of Charlie Kirk’s assassination last week.

US Conducts Strike on Another Drug Boat From Venezuela: Trump

Three people were killed in a U.S. strike on a Venezuelan drug boat, President Donald Trump announced on Sept. 15.

Trump Signs Memo Targeting Direct-to-Consumer Pharmaceutical Advertising

President Trump signed a memo to ensure drug ads give fair, balanced, and complete information to protect and inform American consumers.

Trump Runs out of Patience With China, Sharpens His Words

President Donald Trump’s recent remarks targeting China and its allies mark a noticeable shift in tone.
spot_img

Related Articles