The ECB has made The Biggest Mistake in the past 10 years

Saturday, September 10, 2011

The ECB has made The Biggest Mistake in the past 10 years

The European Central Bank must signal this week that it will cut interest rates, reversing the "biggest mistake" it has made in the past 10 years, economist
"It is not enough to do fiscal austerity because if you don't have economic growth you can try to reduce debt and deficit, but if the denominator [collapses] then you're not going to achieve sustainability," Nouriel Roubini told CNBC Europe in an interview Monday

2 comments:

Globalism sucks said...: Theft through inflation.; September 10, 2011 at 4:37 PM
Thane said...: I dont get it... isn't cutting interest rates whilst doing austerity make it all a wash?; September 10, 2011 at 5:51 PM

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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.

NOURIEL ROUBINI BLOG

Saturday, September 10, 2011