ROUBINI : Oil the biggest threat to fragile global economy

Monday, March 26, 2012

ROUBINI : Oil the biggest threat to fragile global economy

Nouriel Roubini : ‘If the drums of war grow louder, oil prices could rise in a way that will most likely cause a global growth slowdown’
TODAY’s fragile global economy faces many risks: the risk of another flare-up of the euro-zone crisis; the risk of a worse than expected slowdown in China; and the risk that economic recovery in the US will fizzle (yet again). But no risk is more serious than that posed by a further spike in oil prices. The price of a barrel of Brent crude, which was much less than $100 last year, peaked recently at $125. The reason is fear. Not only are oil supplies plentiful, but demand in the US and Europe has been lower. - Nouriel Roubini wrote in a recent Project Syndicate article

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

Monday, March 26, 2012

ROUBINI : Oil the biggest threat to fragile global economy

NOURIEL ROUBINI BLOG