Nouriel Roubini, chief economist at Atlas Capital, made his name calling the financial crisis of 2007-09, earning the moniker of Dr. Doom.
He finds a lot to be gloomy about now too. He sees a global economic and financial crisis on the horizon, sparked by a debt bubble and accompanied by stagflation.
Here are some of the most colorful quotes from his writings and comments this year.
“Center-right governments have persistently cut taxes without also cutting spending, while center-left governments have spent generously on social programs that aren’t fully funded with sufficient higher taxes.”
“There will be a hard landing – a deep, protracted recession – on top of a severe financial crisis. As asset bubbles burst, debt-servicing ratios spike, and inflation-adjusted incomes fall across households, corporations, and governments, the economic crisis and the financial crash will feed on each other.”
“Once the inflation genie gets out of the bottle – which is what will happen when central banks abandon the fight [i.e. interest-rate increases] in the face of the looming economic and financial crash – nominal and real borrowing costs will surge. The mother of all stagflationary debt crises can be postponed, not avoided.”
Twitter, November 19. https://twitter.com/Nouriel/status/1593841338981974016
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