The Dollar not the only Reserve Currency Nouriel Roubini says

Monday, June 15, 2009

The Dollar not the only Reserve Currency Nouriel Roubini says

Nouriel Roubin said that The dollar’s status as the world economy’s only reserve currency will end, Roubini is a New York University economics professor also nicknamed Dr Doom he predicted the financial crisis years before it happened .

“We may see complementary reserve currencies,” Nouriel Roubini said at a conference in Athens on June 11th . While it’s “not going to happen overnight,” the development “will diminish the role of the dollar over time.”

The dollar’s status is under threat as the leaders of Brazil, Russia, India and China discuss ways to substitute the dollar with other assets, amid a fear of a US budget deficit and a soaring inflation due to the massive amount of fresh dollars that the FED has been printing lately. China alone owns more than $744 billion of U.S. Treasury bonds among its $2 trillion of foreign-exchange reserves. , Russia Saudi Arabia Japan and Germany other big US dollars and treasury bonds holders ...

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Nouriel Roubini, (born March 29, 1958, Istanbul, Turkey), Turkish-born American economist and educator who was best known for predicting the 2007–08 subprime mortgage crisis in the United States and the subsequent global financial crisis.

Born to Iranian Jewish parents, Roubini moved with his family to Iran and Israel before they settled in Italy in 1962. After a year at Hebrew University of Jerusalem, he studied economics at Bocconi University in Milan (B.A., 1982) and Harvard University (Ph.D., 1988), where he specialized in macroeconomics and international economics. He joined the economics faculty at Yale University in 1988 and taught there until 1995, when he moved to New York University. He also served as a visiting scholar to the International Monetary Fund (IMF), was a research associate with the National Bureau of Economic Research (NBER), held single-year terms on the White House Council of Economic Advisers (1998–99) and at the U.S. Department of the Treasury (1999–2000), and cofounded (2004) the consulting firm Roubini Global Economics. Roubini spent much of his early career studying countries that experienced extreme economic failures, such as Mexico (in 1994), Thailand and other countries associated with the 1997 Asian financial crisis, Russia (1998), and Argentina (2000). He determined that each shared one common element: a massive current account deficit.(www.britannica.com)

Nouriel Roubini is the Chairman and CEO of Roubini Macro Associates, LLC, his own global macroeconomic consultancy firm. He is also a professor of economics at New York University’s Stern School of Business. Dr. Roubini has extensive policy experience as well as broad academic credentials. From 1998 to 2000, he served as the senior economist for international affairs on the White House Council of Economic Advisors and then the senior advisor to the undersecretary for international affairs at the U.S. Treasury Department, helping to resolve the Asian and global financial crises, among other issues. The International Monetary Fund, the World Bank and numerous other prominent public and private institutions have drawn upon his consulting expertise.

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Monday, June 15, 2009