Nouriel Roubini Oct 7, 2008
Here is below the text of an interview with the Council on Foreign Relations; the interview took place on Sunday October 5th but the message and policy recommendations that I proposed to prevent a systemic financial and corporate sector meltdown are still very relevant as the Fed and other central banks are still fiddling while Rome is burning. As discussed in this Global EconoMonitor forum Friday and yesterday Monday radical policy action is urgently necessary to avoid a systemic meltdown and a severe economic depression. The global economy is now already in a recession (as GDP is now contracting in all advanced economies and sharply slowing down in emerging market economies). We need now to take steps avoid a global depression.
Read on...
Peacenik sees some good news here. Roubini is acknowledging that there are steps that can be taken to solve the problem. This is progress. So far governments seem to be flailing about. But Peacenik has a question. Is it plausible that the banking system in every western country seems to be in a state of crisis, but the Canadian banks seem not to be? What is Peacenik missing here?
Here is below the text of an interview with the Council on Foreign Relations; the interview took place on Sunday October 5th but the message and policy recommendations that I proposed to prevent a systemic financial and corporate sector meltdown are still very relevant as the Fed and other central banks are still fiddling while Rome is burning. As discussed in this Global EconoMonitor forum Friday and yesterday Monday radical policy action is urgently necessary to avoid a systemic meltdown and a severe economic depression. The global economy is now already in a recession (as GDP is now contracting in all advanced economies and sharply slowing down in emerging market economies). We need now to take steps avoid a global depression.
Read on...
Peacenik sees some good news here. Roubini is acknowledging that there are steps that can be taken to solve the problem. This is progress. So far governments seem to be flailing about. But Peacenik has a question. Is it plausible that the banking system in every western country seems to be in a state of crisis, but the Canadian banks seem not to be? What is Peacenik missing here?
