Roubini : The Risk of recession is now at 60 percent

Nouriel Roubini : first of all we have reached the stall speed in the economy not just the US but also in the Eurozone the UK the most advanced economies , so we see a probability of 60 percent recession next year , and unfortunately we are running out of policy tools , every country is doing fiscal austerity and there is going to be a fiscal drag the ability to back stop the bank is now impossible because of political constrains insolvency , cannot anymore bailout their own distressed banks because they are distressed themselves , everybody would like a weaker currency but in an equilibrium if a currency is weak the others has to be stronger and there going to be more monetary easing more quantitative easing by the FEd and other central banks but the credit channel is broken