Roubini : Double dip recession will happen

Tuesday, October 11, 2011

Roubini : Double dip recession will happen

The world's advanced economies are headed for a second recession, regardless of whether there is further chaos in Europe,
The question is not whether or if there is going to be a double dip, but whether it's going to be mild or severe with another financial crisis,". "The answer on that depends on the euro zone."

"You need an EFSF that is four times as large as the 440 (billion euros) to make sure that a bad equilibrium, and a self-fulfilling run on Italy and Spain doesn't occur," "There's no plan for that, because politically even the first EFSF has not yet been approved, let alone to triple it or quadruple it." Famed economist Nouriel Roubini chairman of RGB Roubini Global Economics,told CNBC on Tuesday on the sidelines of the World Knowledge Forum in Seoul - in CNBC

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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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Tuesday, October 11, 2011