Richard Tabar this year, 2020 is cancelled . Even when states open up , consumer confidence is at low . Means less money circulating, which is leads to less revenue and foot traffic causing layoffs and cut backs .2021 I see things picking back up .
@Gmail X people have the attitude like teenagers. Indestructible and wont happen to me. We are at another fall of human civilization and you will need to be mentally prepared for it and need survival and bush craft skills to live off the land
@@frankme9862 We really are. And I don't think most people are aware of it. But I'm old enough to remember when the future, computers, tech, etc, were all going to give us this great new world. Now every narrative is whether we're going to survive, between pandemics, global warming, the economy, artificial intelligence, etc. There are a lot of things lining up to do us a lot of harm, unless we get our collective shit together.
Yes I remember overhearing two women in their 20s walking in Manhattan, one asking the other: "What is your net worth?" Net worth was the concept every one was talking about, a simple operation of counting assets minus liabilities, and the result was net worth. Of course the more debt you had, the smaller was your net worth.
If we all become alot more humanitarian by nature and help each other out. And let go of ego. We will get through the this time and be more stronger, braver and resilient. Kindness goes along way.
in ur head maybe, depression, but so far we are, technically/economically, only in a recession because the economy is contracting. Next stage is total stagflation or economic drought/ depression (like in the 1930s "great depression"). Which he estimates comes in a few years, so its a long recession-slide down to depression. Long way down as well I think
...I think by enlarge...You would be correct in your overall assessments. We have a record 100,000 people that have recently filed for Unemployment Benefits in just the State of Washington alone!. These kind of unemployment numbers have never previously existed before at least since the Great Depression!🤔🤫🤐
@@nicholas8997 for now it is a severe recession with depression level unemployment. The odds are high that it will be a depression worse than that of the 1930s.
Corey Mack but a lot of those are temporary layoffs, so hopefully when things open up and everyone can get back to work those numbers will decrease 🤷♀️ During the Great Depression there we no jobs to return to 😞 Those numbers will be more realistic when we see how many lost their jobs permanently.
Mauritius Dunfagel bailouts are socialist Our half assed capitalist society mixed with socialism for the rich to become corporatism, oligarchy and corrupt. If we give money give it to everyone in equal amounts so they can use it to buy with a free market and choose which companies are needed and which should die
@ dajokn19 - If Mitch McConnell had his way it would ALL go to the corporations who already pay zero in taxes and the average citizen would receive NOTHING!
Very true. I make good money as a computer programmer and currently working from home........yet I also got that $1200 in my bank account. That should've gone to someone who really needed it :-(
@@MaskMasterEsquire kind of agreeing with you. I couldn't understand 80% of what he was babbling which normally means your fooked. I think the dude did it on purpose...
My Dad used to say "When your neighbor is out of work....it's a RECESSION. When YOU have lost your Job...it's a DEPRESSION!". You take away my Job ie. My Income. Then I apply for Unemployment Insurance 30 days ago and get Nothing$ due to a State Overwelmed with applications. I am told to be patient. Tell that to my families Stomach. Tell that to my empty gas tank. Tell that to my Credit card debts, landlord, bills collectors. You have made me a poor man on the verge of homeless and worse😩
Im so sorry Martin. I will pray for God to make a way. He says; “Come to Me all who are weary and heavy laiden, for I will give you rest for your souls. Take My yoke upon you for I am gentle and humble in heart.”
Throw your hands up, stop paying your bills, Declare bankruptcy, get some cheap land, build a mini home for you and your family, farm, and you’ll come out of this much wealthier than most employed city dwellers.
Two days ago the Bank of England came out and said 'worst recession in 300 years'. The EU monetary fund said the same day, the worst recession in human history. Notice they both were not willing to say 'depression' when that's exactly what's heading our way, and they know it. Ist quarter fiscal figures globally, recently released, were dire but wait till Junes 2nd quarter (which above institutions already know what to expect) they'll be catastrophic, unlike anything the modern world has ever seen. Just in tourism (globally worth 8.8 trillion) 319 million jobs are already 90% toast and the revenue is down 80% lower. It's a shit-show of magnitude and it hasn't yet been fully quantified...nowhere near it!
Actually for once he’s right. This crisis is deeper than an economic and political one in nature though those factors will magnify the downturn. This is an existential crisis due to overall lack of constructive management of our planet. We have all of the resources we need to survive and thrive but short term profits have clouded our understanding of conservation and preservation.
@@matrixripp09 I wouldn't exactly agree with the 'too many humans' answer, however, taken as written, too many people are using too much. What resources we do have should be used sparingly and invested intelligently instead of merely burnt for a handful to profit.
@Fanta Graham Americans? They have created a hyper capitalist society. They will kill millions to make money. Nothing has value except money. Not even human life. And they have exported this lunacy to the rest of the world. And like with most things eventually the rest of then world will love money even more than the Americans. But right now? Americans love money more than anything else in the world. Actions trump sentiment
Some, yes. But I think Roubini's been pretty good, hasn't he? I've never gotten the sense that he's a perpetual recession crank like Schiff (who's just awful).
The US is in a recession now as their economy is shrinking. Will you argue that GDP is down, unemployment is up, Govt and State spending on unproductive activities is up?
Ye but then the CB start to print money to counter it..but you cannot keep printing forever..the prediction stands, its just the printing that prolongs it
Mathew That’s great news! Now that vaguely defined RUclips personalities and their mono theories have been disproven by some authority that you speak on behalf of, we can crack the champagne and just spend the rest of our lives on vacation while the Fed prints infinite money. Glad to hear.
My attempt at doing an ELI5 of what he is saying : First, while he doesn't say it - he is talking in the time span of decades, not quarters or years. Structural Forces that were taking place before the corona virus (the rich world is getting older, exiting the workforce stopping their 'productive years' then retiring, with other costly issues like climate change - making natural disasters more expensive and creates costs for climate mitigation for cities and the change of agricultural systems, along with the slow de-globalizing of the world (which, when we are globalized, we are focusing on net efficiency and in theory the whole world gets richer as a result)) Combined with relatively poor finances of the governments and companies of the world. Forces he declares trends towards less global wealth, less growth and therefore what you would call long term recession/depression. Add in what is being done with coronavirus in governments spending more money, with more money being printed resulting in governments having less ability to pay off the debt, and cash being worth less, and this entering a 'death spiral' where everyone is concerned and then they save, instead of spend. But everyone needs to spend to keep the wheels going, so then we 'get stuck' as you can't save your way out of something like this. While in theory, everything he is saying makes sense - there are many things which could overpower his assumptions. The major thing that I believe he is dismissing is the ability of humans to innovate ourselves out of this. He is essentially assuming no growth or productivity growth gains happen AT ALL. When in fact, coming into this - there has been plenty of evidence (hence the thesis of the bulls) that innovation will take over, companies and industries which were losing viability might be wiped out. This also factoring in the possibility of the world entering previously uncharted territory with fiscal spending, could result in things economics today would not be able to predict. The world has never been more complicated and it is very possible that we simply do not have the tools (yet) to explain some things. But as a phoenix rises from the ashes, who knows what could end up rising.
Robbie Salome A recession is defined as 2 quarters of decreasing GDP (of a 20% or more drop.) So a depression is longer term, years. High unemployment, lots of competition for jobs. But lots of opportunities are everywhere too. We’re on the verge of a huge technology explosion. People just need to look around for new services or products to make or provide. And try to be positive. If you love others and be resilient, u can find a way to create a life worth living.
Translation: They're going to print money like crazy but the recconing will be quicker, a few years, then another bubble pop, then they have to limit money printing to avoid runaway inflation. I agree.
I just won 10 million on lotto. Rubini: you will be fiscally irresponsible and file bankruptcy with 12 months and come down with cancer which will put you in insolvent debt your life will spiral out of control
@@sakiracadman5673 cant eat gold...learn to farm and get out of the city..bartering and trading will be far more valuable to desperate and hungry people
Even a broken clock is correct twice a day. With 50k analyst around the world, there is bound to be one that get it's right. It's just probability theory stats 1. Especially when you say the crash is sometime in the next decade.....
If you "lock down" the global economy how can you NOT expect an upcoming recession/depression. This was not because of the pandemic, per se, but World Goverment'solution to it and social/mainstream media's help in pushing it. Texas' recent approach is encouraging.
What do you expect? Always steakhouse with wine on the table drunken orgy everyday. The nation has turned into Sodomite and Gomorrah, slaughter 65 millions baby by abortion, more killing greedy by wars for money, oil, etc. God is anger the wickedness everyday. God has numbered their nation. Revelation 18:5-10 5 For her sins have reached unto heaven, and God hath remembered her iniquities. 6 Reward her even as she rewarded you, and double unto her double according to her works: in the cup which she hath filled fill to her double. 7 How much she hath glorified herself, and lived deliciously, so much torment and sorrow give her: for she saith in her heart, I sit a queen, and am no widow, and shall see no sorrow. 8 Therefore shall her plagues come in one day, death, and mourning, and famine; and she shall be utterly burned with fire: for strong is the Lord God who judgeth her. 9 And the kings of the earth, who have committed fornication and lived deliciously with her, shall bewail her, and lament for her, when they shall see the smoke of her burning, 10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
Good point. A lot of this is obvious. The big problem is the rush of value out of weak currencies to the strong dollar. This rush will end the euro and collapse Europe’s economy.
4 года назад+5
“Our best guess is something like 60% of the employment reduction is going to be temporary, and 40% is going to be permanent,” said Nicholas Bloom, an economics professor at Stanford University
Less is the new more . things don’t need to be so hectic for people . We will change how we eat, house ourselves , learn, work, commute shop and live . And UBI is now a household term .
Yeah for service workers it will b food pantries, move back to moms or extended family or live in ur vehicle , salvage scrap, ride a bike and watch dollarBill Gate$$$ kill off the have nots as he plays eugenics, sets up his fake foundations, and preaches his virus vaccine rescue sermon.
Tym-2 ,hi well he's not giving out good news and looks grim unlike the politician's around the world that have borrowed trillions and grin ear to ear like they know something we all don't.
With all the best economic brains around ,no one listened the advices given since 2008,how can you find a solution ,when the 1% is in control ,of all the top corporation ,the banks/the stock market ,and the government on bothsedes of the ally ,supporets them .
We could utilize a VAT tax and give all americans over the age of 18 a $1000 paycheck every month( call it a dividend) Then we could change work weeks to 4 days so we can hire more people. Andrew Yang ideas! --Come November we should really, I mean thoroughly vet these politicians that come into office. The ones we have now are not able to work together. Also, we need to promote original American working model of individual entrepreneurship. Let's bring back some factories for essential goods while we're at it. Just off the top of my head. Anyone else???
In other words it will be a mother of all man made crises and not even thinking of any unknown possible cosmic/planetary catastrophic events (volcanic /earthquake intense activity, magnetic poles reversals, excessive solar radiation, asteroids or space junk ).
If u asked an economist 20 years ago, no one would have guessed a cell phone producer would lead the economy, and also tech Facebook, artificial intelligence,etc. Tech improves financials .
@@sakiracadman5673 iPhone was not a major factor in the economy 20 years ago. Exxon was the major player. Pensions continue to be heavily invested in China and there are ways to play with currency to show things are not so bad. Moving forward, we need inflation to keep a stable America . Technology is our impetus to move our country forward and continue as the dominant economy that is able to manipulate world markets and currencies .
@@sakiracadman5673 Cell phones caused a tech bubble 20 years ago ? No, they didnt. And bubbles have been products of poor government and banking. When banks go sour, we bail them out. When your finances go sour, we call you lazy and dumb.
With the carnage that is occurring and the markets are going up or holding steady it doesn't take a financial genius to figure out something is seriously wrong.
Since I'm not an economics major, I was not able to understand all of the information from Nouriel Roubini, but from what I was able to gather, I believe that his prognosis, based on current policies and trends, the global markets, and how the recession looks like it's heading, at some point, we will reach depression status within the next decade. Without more government stimulus to the working-class (that is recently jobless) and the hundreds of thousands of business permanently closing in the next 6 months, we are in for a painful next few years for the U.S., in terms of unemployment, people and families losing their livelihood (house/condo/apt.), and lots of need for charity to help out the unfortunate who may not even have money for food, which is horrible. It only takes a single downturn to demolish working-class people's lives, probably for a generation.
Coming Depression? We're already in one. Almost 30% of the work force has been laid off. Big companies are declaring bankruptcy. Thousands of small businesses are going to close permanently. If that doesn't qualify as a Depression, I don't know what does. For some reason, the stock market hasn't received the memo. It's off in bizarro world.
The big question really is, will the economic depression that’s coming be saved by the current financial system or will it be destroyed by the crash and we see a new paradigm unfold. Honestly I’m not so sure that this current system can go any further... almost every country has crossed the dreaded threshold of 60%debt/GDP or worse! I don’t think we can all do what Japans done the last forty years either because the only reason Japan has been able to extend their debts to astronomical proportions is because of the other wealthier nations willing to buy their debt. If those wealthy countries are now broke who bails them out? It really looks like this is the end... it’s just a matter of time... I’m thinking some time in 2022 we see the next crisis start and probably lasts 2-5 years after that..
It'll be replaced by fascism, which is an alliance between government and big business. No civil liberties and we peasants will own nothing and shut our mouths. We'll take whatever crumbs fall from the rich man's table. Anybody who doesn't like, well, bullets are cheap and plentiful. That's how I see it.
Except for deglobalisation causing wages decrease. Globalisation caused the race to the bottom for wages. With only smaller stores being shut, now ruined, we're looking at a small number of large stores trading. So Globalisation still reigns supreme
I work in a 5 star Hotel in housekeeping. Now a covid cleaner in a quarantine hotel. Which is what we now are. Never realised my shit kicker job is now considered essential. Glad I have fulltime work for quite awhile, while ppl around me that had fancier jobs are on welfare.
I would have to agree with this gentleman with regards to our debt crisis. I've been preaching the same thing for awhile now. However, being a fatalist doesn't tell the whole story either. There will be opportunities to discover as old industries disappear and new ones emerge. Commerce will always be a necessary component within our societies so now is the time to reshape these relationships for the benefit of the 'many' and not just the 'few'. We can do this folks!
Respectfully, the quality of the sound here could have been better. The sound sort of drifted from reasonably clear to muffled. Though he seems obviously knowledgeable, his accent was a little challenging to understand, especially with the intermittently muffled sound. He had a lot to say. Please speak a little more slowly and clearly. Many are interested. Thanks for a good report.
yeah I don't know why they can't get a better audio setup...it's not hard. If you want to read a piece he wrote that covers a large amount of the same issues that are important, google his name and 'the guardian', he wrote an editorial and outlined his economic and geopolitical implications for covid.
We are in the midst of financial buggery driven by the 1%ers and counterfeiting printing by the Fed. Yes, the greatest depression has started. We the average must protect ourselves, financially, emotionally and personally, governments will not act responsibly. Coming to you from my rural stronghold in New Zealand.
Things take time. Dump trillions into the market to buy some time. 30 million new unemployed along with millions who have been chronically unemployed. There's going to be a second dump worse than the first. We won't get out of this until the mid 2030's.
Are we going to ignore the mass resignation of CEO's between 2018-early2020? Like 2000 official resignation took place in this period from top companies in the world..! Why?
Itz year end n time to thank God for helping us surge n survive through tough trials n tribulations of this year.... We r grateful to have surpassed 2020 successfully by the grace n mercy of higher power.. Pray to see a great 2021.... for world n mankind...
I've already prepared. Didn't see a depression coming but saw a recession since mid 2018, it was just a matter of time, this is just the hammer that broke the dying camel's back.
The difference in this depression is that it is a crisis that was _created_ . It was _designed_ for mass monetary destruction, but the rich were given extra money, liability protection, etc. Other countries that did contact tracing and testing succeeded much better than the US without as much quarantine. This is _planned_ economic destruction. They designed the US plan to quarantine everyone, to really destroy the economy, when it wasn't needed at all.
Its always those with the most to loose that believe the worst is a long way off and it wont happen in their life time, big surprise coming for every one !
You know what happens when someon stops smoking cold turkey? They get sick...feel like hell, depression, headaches, insomnia on and on... Im worried about how the great mother nature will deal with withdrawl? Super hot summer amd greater Hurricanes?
I’ve been following Roubini on a monthly basis since 08. He’s generally balanced in his views and non-alarmist. But when the Fed fires up the presses or BTC is being discussed, he gets pretty animated.
@@ShutThePuck Lol - he calls it 'sheeeet-coin''. I think he underestimates the cult gravity of the BTC narrative. Thus he sounds like a medieval Catholic cardinal denoting Protestantism. There is no right or wrong IMHO just threatened biases.
L shape and the graph needs to be in 3D As in, it will be like dropping a sphere versus dropping a cube; it doesn’t bounce back but less high, it bounces less high and in an unpredictable direction
all these media people haven't watched P. DeFranco and others who figured out a decade ago how NOT to sound like they're in the bottom of a metal barrel. Put some damn pillows and soft stuff and maybe egg crates like garage bands did for their sound, in 1965.
4 года назад
I like contemporary minimalist style,, like your room and furnishings.
If you can predict the disaster that is about to come, why not take measures to stop it? IS IT THAT YOU HAVE A DEATH WISH? One reason there was si much suffering during the Great Depression was that people knew little about the economy. Now we know better
The stock market will go back to all times highs, everything will be euphoric in the markets. The middle class will be wiped out. You will only see how good the stock market is on the news, nothing about how people are struggling
Currency Wars: The Making of the Next Global Crises Audible Audiobook - Unabridged James Rickards (Author), Walter Dixon (Narrator), Gildan Media, LLC (Publisher) In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing @t James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas. While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors.
Later in the Decade? tell me about next week, next month, next quarter. He said "The Train has departed" please tell us how do we stop the train or Jump off.
Let me remind you that Clinton was an economist and when he left office USA had a surplus. I do not care how crooked he was or how many blow jobs he got in the Oval office at least he knew how to govern.
Letting it crash is how you fix it. After that, you have to end the Federal Reserve. It's the Fed that created this debt problem by lowering interest to zero and printing money out of thin air and giving it away to the corporations and banks to gamble it away. So the source of the cancer is the Fed. We need to go back to Gold Standard with blockchain currency (which by passes banks).
Where the fuck are we going to get money to buy gold? You suggest we all just Sell a house or two & donate our own money For gold storage at Fort Knox? It’s not that easy
Walden, I don't think you understand how a gold standard works. It has the same problem with any national Treasury, they declare whatever price per ounce of gold. IF they need to increase money supply they just announce it takes more money per ounce of gold. In addition, gold standards have had a bad performance, letting precious metals float and take on a market price is probably better. At least you can chose to buy precious metals if you really think that'll be a safe haven for preserving purchasing power. Gold standards literally require many moments of suspending purchasing and selling of precious metals like gold, suspension of any speci notes for their precious metal, and simply declaring a price per unit of precious metal. I don't think you realize what a gold or precious metal standard really means... it doesn't mean freedom to purchase such precious metals. It actually usually causes the opposite, prohibition on purchase of or exchange for precious metals particularly in any distressing time for a nation either during a famine, pandemic, depression, or war etc. the ultimate use of precious metals being for imports and exports among foreign nations since none can therefore price discover their paper money... a behind the scenes thing among governmental national banks. Block chain is a fucking gimmick. Not only does it not work in large transactions required for the population at large in a timely fashion the time it takes to complete transactions becomes exponential as the ledger becomes ever bigger... you'll need a petabyte hard drive just to store it; and using an exchange is no better than using some other exchange... not to mention quantum computing will completely render such block chain useless as QM computers literally can solve all the "passwords' coins with associated wallet "addresses" in a few moments, literally enabling anyone to use such coins before the true owners can, and poof, your digital money is spent and gone and changed. Letting it crash is not a fix. It's letting it crash. Monetary policy is likely not effective, and will not fix it either, so they will let it crash... in just a different way. Basic fundamental economic structures must change in the face of advancing technology. A reform on monopoly and monopsony as well as international trade that is essentially the time honored race to the bottom compete against the most destitute and often most despotic nation (suppliers can command their labor to work, doesn't have to adhere to any externality costs, can supply at a loss with near infinite manpower and subsidy power of inputs, etc.). Allowing the mega rich to essentially purchase all the outstanding democratic republics of the world was an idiot thing, only brought about robber baron 2.0 with a vengeance; hence why the last 40 years has been essentially an investment boom and bust driven cycle, as actual growth GDP demand from consumer/labor is declining even when coupled with desperate and idiotic leverage (borrowing). When all the investment money is tapped out, the last investor is stuck holding the bag... capex non financial sectors year over year for the past decade has been mostly negative. 90% of volume over the past decade in stock trading has been from stock buybacks; and even though most firms this only accounts for 15% to 30% of reduction in shares outstanding, the prices reflect 400% to 600% appreciation well beyond even a 2 for 1 stock reversal would cause on a per share price basis all things being equal. The structure in which our economic system works needs fundamental changes.
Bloomberg should help guests have better audio, with some coaching and pre-interview testing, now that we're getting all these interviews from homes. And frequent TV guests like Roubini should get better mics!
Give me a break newscasters, Roubini keeps saying he forecasted the 2008 financial crisis, he got lucky is all, just like many others who kept forecasting a market drop. “Even a broken clock is correct, twice a day”. How many times has he been correct since 2008? That’s a big fat ZERO.
The interviewer rightly brought up personal and sovereign debt. The fact is all debt is personal eventually because there is no facility in the structure for personal debt to become sovereign debt but there is the continued creation of debt by sovereign governments that forces the public to suffer it when the bonds created by Treasury and sold as assets to the public later have to be financed by taxes on the public when they mature. The further downside is when the government debt is held by foreign buyers and the taxpayers is still required to fund the maturity payouts but have been getting no benefit from the interest payments on the debt.
I dont think we need a economist to know we are fudged big time
I so agree with you
😆
Most people think that everything will go back to normal because they believe we were in great shape before the pandemic.
Richard Tabar unreal
Richard Tabar this year, 2020 is cancelled . Even when states open up , consumer confidence is at low . Means less money circulating, which is leads to less revenue and foot traffic causing layoffs and cut backs .2021 I see things picking back up .
It's going to be an FU shaped recovery.
M
Best comment , 🖐 down
Hahahaha....
😂
Classic.
V shape. They're kidding. Bathtub shape with the plug missing.
No offense, millions of retirees are not laughing.
@@nancychace8619 You got that right.
😂
Ken Bailey hahaha you got it !
@@nancychace8619 Sometimes the truth is offensive. I am a retiree as well and have seen 85% of my income evaporate. Hang in there.
He’s actually not telling us the worst of his prediction. He’s being optimistic.
@Gmail X people have the attitude like teenagers. Indestructible and wont happen to me. We are at another fall of human civilization and you will need to be mentally prepared for it and need survival and bush craft skills to live off the land
@@denodan that might be too far. We probably won’t witness a fall of society. It will be bad financially and economically though.
@@juanroyroy2075 it ain’t far at all. Just wait till we hit the planned cyber pandemic
Remember the 80's and 90's, when everyone talked about how exciting and great the future was going to be?
It does seem like we're living George Orwell's 1984. Great prediction. A lot of people spoke up... Ignorant Americans hate to listen.
@@frankme9862 We really are. And I don't think most people are aware of it. But I'm old enough to remember when the future, computers, tech, etc, were all going to give us this great new world. Now every narrative is whether we're going to survive, between pandemics, global warming, the economy, artificial intelligence, etc. There are a lot of things lining up to do us a lot of harm, unless we get our collective shit together.
Yes Andybaldman...we can see it coming. Old saying... for every action there's a reaction. This reaction will be big.
Yes I remember overhearing two women in their 20s walking in Manhattan, one asking the other: "What is your net worth?" Net worth was the concept every one was talking about, a simple operation of counting assets minus liabilities, and the result was net worth. Of course the more debt you had, the smaller was your net worth.
@@maggiecarlos7622 It will probably be the end of our species. Self-termination.
If we all become alot more humanitarian by nature and help each other out. And let go of ego.
We will get through the this time and be more stronger, braver and resilient.
Kindness goes along way.
So we’re screwed!
He's predicted 8 of the last 2 recessions....
😊
Considering the pandemic, predicting a depression is a no brainer. Better prepare.
@@atomixfang : I'm unconvinced we can prepare for this one.
I dont get it...
@@growinggringa4956 : He's always predicting recessions, and many of them never happen
And he wonders why he never gets invited to parties.
Actually he's a famous partier.
Parties on the CNBC?
Files Shared no parties allowed for now.Household quarantine.If you party I won’t tell.
When he speaks my ears open wide . I have a lot of respect for him .
Professor Gloom and Doom
The rich will get richer and the poor will get poorer.
That’s all you need to know
And the hunting season will be open for them. 😎😄
Brilliant man... but sorry to inform you, the depression is here
Yeah, this brilliant man turned bullish gold about two weeks before it topped in 2011. 🤦♂️
in ur head maybe, depression, but so far we are, technically/economically, only in a recession because the economy is contracting. Next stage is total stagflation or economic drought/ depression (like in the 1930s "great depression"). Which he estimates comes in a few years, so its a long recession-slide down to depression. Long way down as well I think
...I think by enlarge...You would be correct in your overall assessments. We have a record 100,000 people that have recently filed for Unemployment Benefits in just the State of Washington alone!. These kind of unemployment numbers have never previously existed before at least since the Great Depression!🤔🤫🤐
@@nicholas8997 for now it is a severe recession with depression level unemployment. The odds are high that it will be a depression worse than that of the 1930s.
Corey Mack but a lot of those are temporary layoffs, so hopefully when things open up and everyone can get back to work those numbers will decrease 🤷♀️ During the Great Depression there we no jobs to return to 😞
Those numbers will be more realistic when we see how many lost their jobs permanently.
They gave all the money away to those didn’t need it.
Mauritius Dunfagel bailouts are socialist
Our half assed capitalist society mixed with socialism for the rich to become corporatism, oligarchy and corrupt.
If we give money give it to everyone in equal amounts so they can use it to buy with a free market and choose which companies are needed and which should die
@@saosaqii5807 it is not socialism it is Plutocracy
Saosaq Ii as always, this is another opportunity for the richest among us to become richer via the corporate welfare system
@ dajokn19 - If Mitch McConnell had his way it would ALL go to the corporations who already pay zero in taxes and the average citizen would receive NOTHING!
Very true. I make good money as a computer programmer and currently working from home........yet I also got that $1200 in my bank account. That should've gone to someone who really needed it :-(
It would be cool if we could actually hear what the hell he is saying 🤦♂️
Activate subtitles.
HaHa
He said we're fooked
censorship
@@MaskMasterEsquire kind of agreeing with you. I couldn't understand 80% of what he was babbling which normally means your fooked. I think the dude did it on purpose...
My Dad used to say "When your neighbor is out of work....it's a RECESSION. When YOU have lost your Job...it's a DEPRESSION!". You take away my Job ie. My Income. Then I apply for Unemployment Insurance 30 days ago and get Nothing$ due to a State Overwelmed with applications. I am told to be patient. Tell that to my families Stomach. Tell that to my empty gas tank. Tell that to my Credit card debts, landlord, bills collectors. You have made me a poor man on the verge of homeless and worse😩
Who is "YOU"?
Im so sorry Martin. I will pray for God to make a way. He says; “Come to Me all who are weary and heavy laiden, for I will give you rest for your souls. Take My yoke upon you for I am gentle and humble in heart.”
I think its there way of putting us in bankruptcy. so you become dependent on the government for what? Prayers
Throw your hands up, stop paying your bills, Declare bankruptcy, get some cheap land, build a mini home for you and your family, farm, and you’ll come out of this much wealthier than most employed city dwellers.
Same here!!
Two days ago the Bank of England came out and said 'worst recession in 300 years'. The EU monetary fund said the same day, the worst recession in human history. Notice they both were not willing to say 'depression' when that's exactly what's heading our way, and they know it.
Ist quarter fiscal figures globally, recently released, were dire but wait till Junes 2nd quarter (which above institutions already know what to expect) they'll be catastrophic, unlike anything the modern world has ever seen.
Just in tourism (globally worth 8.8 trillion) 319 million jobs are already 90% toast and the revenue is down 80% lower.
It's a shit-show of magnitude and it hasn't yet been fully quantified...nowhere near it!
Actually for once he’s right. This crisis is deeper than an economic and political one in nature though those factors will magnify the downturn. This is an existential crisis due to overall lack of constructive management of our planet. We have all of the resources we need to survive and thrive but short term profits have clouded our understanding of conservation and preservation.
peter janoff we have to many humans who use too much
@@matrixripp09 I wouldn't exactly agree with the 'too many humans' answer, however, taken as written, too many people are using too much.
What resources we do have should be used sparingly and invested intelligently instead of merely burnt for a handful to profit.
Money is not evil. Love of money is evil. Small but very important difference.
@Fanta Graham Americans? They have created a hyper capitalist society. They will kill millions to make money. Nothing has value except money. Not even human life. And they have exported this lunacy to the rest of the world. And like with most things eventually the rest of then world will love money even more than the Americans. But right now? Americans love money more than anything else in the world. Actions trump sentiment
Excuse me ? This time? Were you born after 2008?
These guys have been calling recession every year you're bound to get it right eventually
Some, yes. But I think Roubini's been pretty good, hasn't he? I've never gotten the sense that he's a perpetual recession crank like Schiff (who's just awful).
The US is in a recession now as their economy is shrinking. Will you argue that GDP is down, unemployment is up, Govt and State spending on unproductive activities is up?
Ye but then the CB start to print money to counter it..but you cannot keep printing forever..the prediction stands, its just the printing that prolongs it
@@hidden_ki394 Yep
I didn’t understand 98% of what he just said 🤦🏻♂️
Is because you need to stop watching reruns of duck dynasty is making you dumb
"Doom blah blah blah crash blah blah blah depression blah blah blah doom!"
Mathew That’s great news! Now that vaguely defined RUclips personalities and their mono theories have been disproven by some authority that you speak on behalf of, we can crack the champagne and just spend the rest of our lives on vacation while the Fed prints infinite money. Glad to hear.
My attempt at doing an ELI5 of what he is saying :
First, while he doesn't say it - he is talking in the time span of decades, not quarters or years.
Structural Forces that were taking place before the corona virus (the rich world is getting older, exiting the workforce stopping their 'productive years' then retiring, with other costly issues like climate change - making natural disasters more expensive and creates costs for climate mitigation for cities and the change of agricultural systems, along with the slow de-globalizing of the world (which, when we are globalized, we are focusing on net efficiency and in theory the whole world gets richer as a result)) Combined with relatively poor finances of the governments and companies of the world. Forces he declares trends towards less global wealth, less growth and therefore what you would call long term recession/depression.
Add in what is being done with coronavirus in governments spending more money, with more money being printed resulting in governments having less ability to pay off the debt, and cash being worth less, and this entering a 'death spiral' where everyone is concerned and then they save, instead of spend. But everyone needs to spend to keep the wheels going, so then we 'get stuck' as you can't save your way out of something like this.
While in theory, everything he is saying makes sense - there are many things which could overpower his assumptions.
The major thing that I believe he is dismissing is the ability of humans to innovate ourselves out of this. He is essentially assuming no growth or productivity growth gains happen AT ALL. When in fact, coming into this - there has been plenty of evidence (hence the thesis of the bulls) that innovation will take over, companies and industries which were losing viability might be wiped out.
This also factoring in the possibility of the world entering previously uncharted territory with fiscal spending, could result in things economics today would not be able to predict. The world has never been more complicated and it is very possible that we simply do not have the tools (yet) to explain some things.
But as a phoenix rises from the ashes, who knows what could end up rising.
*NO COMPRENDA IT'S A RIDDLE*
Robbie Salome A recession is defined as 2 quarters of decreasing GDP (of a 20% or more drop.) So a depression is longer term, years. High unemployment, lots of competition for jobs. But lots of opportunities are everywhere too. We’re on the verge of a huge technology explosion. People just need to look around for new services or products to make or provide. And try to be positive. If you love others and be resilient, u can find a way to create a life worth living.
Great comment
Kondratiev wave
@N B Could you elaborate please? Is finance or accounting no longer good fields of work?
@N B I have heard that accounting is now getting outsourced and automated is that true?
This is America! We don't need an optimist.
Translation: They're going to print money like crazy but the recconing will be quicker, a few years, then another bubble pop, then they have to limit money printing to avoid runaway inflation. I agree.
You are correct. Buy gold, silver and crypto.
I just won 10 million on lotto.
Rubini: you will be fiscally irresponsible and file bankruptcy with 12 months and come down with cancer which will put you in insolvent debt your life will spiral out of control
Guess you'll be one of the 99%, that had the luck, just luck, that wins the Lottery, and are broke and debt in a year...
wow, he must be a genius. The whole world is closed down and a depression is coming?? My god, I didn't see that coming.
None of us saw this situation coming. The only ones who knew about it, were the the ones that were in on it...
Moral of the story is - Recession will gift Americans Depression in near future
Something bad will happen at some future time. People who are alive will also die sometime in the future.
Buy gold, there is always a bull market starting and another market ending.
Haha, good one...
Are you psychic?
@@sakiracadman5673 cant eat gold...learn to farm and get out of the city..bartering and trading will be far more valuable to desperate and hungry people
@@Jag-leaper you cant eat a farm either, just the plants grown on it. I own 50 acres. Gold is money, fiat just temporarily stopped being gold.
He should add world war to his depression prediction
Where is the war? Lol
He did. The information technology war. It already started.
👏🏻👏🏻
No nation will be able to afford a conventional war.
@@briancorcoran9888 correct. We're already at war. Biological warfare, economic war. Information war. People still don't get it.
Even a broken clock is correct twice a day. With 50k analyst around the world, there is bound to be one that get it's right. It's just probability theory stats 1. Especially when you say the crash is sometime in the next decade.....
If you "lock down" the global economy how can you NOT expect an upcoming recession/depression. This was not because of the pandemic, per se, but World Goverment'solution to it and social/mainstream media's help in pushing it. Texas' recent approach is encouraging.
I'm no economist, maybe a village idiot, and I could have worked this out. Whooopi Doo
In summary.... we are going to die!!
@@fasteddy-fd3kr AAAaAAaRRrgggggGghhHHh...(with Arnold accent)
You'd be surprised how many supposedly smart people in the finance world are in denial about it.
What do you expect? Always steakhouse with wine on the table drunken orgy everyday. The nation has turned into Sodomite and Gomorrah, slaughter 65 millions baby by abortion, more killing greedy by wars for money, oil, etc. God is anger the wickedness everyday. God has numbered their nation.
Revelation 18:5-10
5 For her sins have reached unto heaven, and God hath remembered her iniquities.
6 Reward her even as she rewarded you, and double unto her double according to her works: in the cup which she hath filled fill to her double.
7 How much she hath glorified herself, and lived deliciously, so much torment and sorrow give her: for she saith in her heart, I sit a queen, and am no widow, and shall see no sorrow.
8 Therefore shall her plagues come in one day, death, and mourning, and famine; and she shall be utterly burned with fire: for strong is the Lord God who judgeth her.
9 And the kings of the earth, who have committed fornication and lived deliciously with her, shall bewail her, and lament for her, when they shall see the smoke of her burning,
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
Good point. A lot of this is obvious. The big problem is the rush of value out of weak currencies to the strong dollar. This rush will end the euro and collapse Europe’s economy.
“Our best guess is something like 60% of the employment reduction is going to be temporary, and 40% is going to be permanent,” said Nicholas Bloom, an economics professor at Stanford University
Less is the new more . things don’t need to be so hectic for people . We will change how we eat, house ourselves , learn, work, commute shop and live . And UBI is now a household term .
Anti-growth economics. Western society needs to stop seeing growth as the answer to every problem and instead see it as THE problem.
Ubi is unsustainable realistically
Lol sheep begging for ubi, you won’t get s*** until you get the microchip, get ready
a household term since 1965, look how well they have lived and how wonderful their children turn out. good luck dipshits.
Yeah for service workers it will b food pantries, move back to moms or extended family or live in ur vehicle , salvage scrap, ride a bike and watch dollarBill Gate$$$ kill off the have nots as he plays eugenics, sets up his fake foundations, and preaches his virus vaccine rescue sermon.
I'm betting on a graveyard shaped recovery by the 2nd quarter of 2021.
Paul Nielsen lol
His analysis is absolutely brilliant. I am going to look this guy up
Meanwhile, I made a shit load these past 7 months. Did you miss out? LOL
@@DKoldies_CEO_Drew_Scumbag So give it away, like Mr.Beast.
Well he’s just a barrel of fun isn’t he? Lol.
By end of June will have $25 trillion dollars of debt. Debt to GDP of 117% Hes just being realistic.
@@revshareglobal7334 Yes unfortunately but yes...
+Ty m ..... 🤣
I couldn’t like this comment because it was at 69 likes
Tym-2 ,hi well he's not giving out good news and looks grim unlike the politician's around the world that have borrowed trillions and grin ear to ear like they know something we all don't.
Forecasting a depression is not difficult at this moment. What path's could take us to solutions?
With all the best economic brains around ,no one listened the advices given since 2008,how can you find a solution ,when the 1% is in control ,of all the top corporation ,the banks/the stock market ,and the government on bothsedes of the ally ,supporets them .
We could utilize a VAT tax and give all americans over the age of 18 a $1000 paycheck every month( call it a dividend) Then we could change work weeks to 4 days so we can hire more people. Andrew Yang ideas! --Come November we should really, I mean thoroughly vet these politicians that come into office. The ones we have now are not able to work together. Also, we need to promote original American working model of individual entrepreneurship. Let's bring back some factories for essential goods while we're at it. Just off the top of my head. Anyone else???
In other words it will be a mother of all man made crises and not even thinking of any unknown possible cosmic/planetary catastrophic events (volcanic /earthquake intense activity, magnetic poles reversals, excessive solar radiation, asteroids or space junk ).
If u asked an economist 20 years ago, no one would have guessed a cell phone producer would lead the economy, and also tech Facebook, artificial intelligence,etc.
Tech improves financials .
jon dawber yeah Kinda sucks real labor gets you know where ... but makes biggest impact on economy
This is actually not true. This is exactly what they thought and lead the tech bubble of 2000.
@@sakiracadman5673 iPhone was not a major factor in the economy 20 years ago. Exxon was the major player. Pensions continue to be heavily invested in China and there are ways to play with currency to show things are not so bad.
Moving forward, we need inflation to keep a stable America .
Technology is our impetus to move our country forward and continue as the dominant economy that is able to manipulate world markets and currencies .
@ Joh Barber. Interesting comment. I’d qualify it further by saying ‘tech better facilitates mass financial speculation and mania’.
@@sakiracadman5673 Cell phones caused a tech bubble 20 years ago ? No, they didnt.
And bubbles have been products of poor government and banking. When banks go sour, we bail them out.
When your finances go sour, we call you lazy and dumb.
Thanks for the updated information please
Investors? Baloney, they are addicted gamblers to cheap money.
With the carnage that is occurring and the markets are going up or holding steady it doesn't take a financial genius to figure out something is seriously wrong.
Money printing has been a devastating effect for all humans that ever placed foot on earth.
Since I'm not an economics major, I was not able to understand all of the information from Nouriel Roubini, but from what I was able to gather, I believe that his prognosis, based on current policies and trends, the global markets, and how the recession looks like it's heading, at some point, we will reach depression status within the next decade.
Without more government stimulus to the working-class (that is recently jobless) and the hundreds of thousands of business permanently closing in the next 6 months, we are in for a painful next few years for the U.S., in terms of unemployment, people and families losing their livelihood (house/condo/apt.), and lots of need for charity to help out the unfortunate who may not even have money for food, which is horrible. It only takes a single downturn to demolish working-class people's lives, probably for a generation.
How's that Inflation working out for you, a year later ... need more 'Stimulus' ?
Coming Depression? We're already in one. Almost 30% of the work force has been laid off. Big companies are declaring bankruptcy. Thousands of small businesses are going to close permanently. If that doesn't qualify as a Depression, I don't know what does. For some reason, the stock market hasn't received the memo. It's off in bizarro world.
The big question really is, will the economic depression that’s coming be saved by the current financial system or will it be destroyed by the crash and we see a new paradigm unfold. Honestly I’m not so sure that this current system can go any further... almost every country has crossed the dreaded threshold of 60%debt/GDP or worse! I don’t think we can all do what Japans done the last forty years either because the only reason Japan has been able to extend their debts to astronomical proportions is because of the other wealthier nations willing to buy their debt. If those wealthy countries are now broke who bails them out? It really looks like this is the end... it’s just a matter of time... I’m thinking some time in 2022 we see the next crisis start and probably lasts 2-5 years after that..
It'll be replaced by fascism, which is an alliance between government and big business. No civil liberties and we peasants will own nothing and shut our mouths. We'll take whatever crumbs fall from the rich man's table. Anybody who doesn't like, well, bullets are cheap and plentiful. That's how I see it.
all a great set up to bring in CBDCs
Debt is owed to someone. Money isn't just destroyed. Whose making money off these periodic recessions and depression.
I wish he were not right, but he is brilliant.
Except for deglobalisation causing wages decrease. Globalisation caused the race to the bottom for wages. With only smaller stores being shut, now ruined, we're looking at a small number of large stores trading. So Globalisation still reigns supreme
depressed people in economic depression
True. 2 buddies of mine each have been hospitalized in the last 2 weeks for drinking. The stress is getting to them.
Depressed is the least . Try starving , helpless and violent..
Orpheas Nestos thats a collapse
I work in a 5 star Hotel in housekeeping. Now a covid cleaner in a quarantine hotel. Which is what we now are. Never realised my shit kicker job is now considered essential. Glad I have fulltime work for quite awhile, while ppl around me that had fancier jobs are on welfare.
I would have to agree with this gentleman with regards to our debt crisis. I've been preaching the same thing for awhile now. However, being a fatalist doesn't tell the whole story either. There will be opportunities to discover as old industries disappear and new ones emerge. Commerce will always be a necessary component within our societies so now is the time to reshape these relationships for the benefit of the 'many' and not just the 'few'. We can do this folks!
Well presented he is 95% correct in his view of the next 4-5 years
Only the rich are in crisis....the rest of us is business has usual...broke...loll
Aint that the truth
you will be worst than broke
@@alex200773 I dont fear broke + im a millionaire of thought and ideaes so my income is channelled thrue several Wells...some are endless 🗽🗽🗽
Respectfully, the quality of the sound here could have been better. The sound sort of drifted from reasonably clear to muffled. Though he seems obviously knowledgeable, his accent was a little challenging to understand, especially with the intermittently muffled sound. He had a lot to say. Please speak a little more slowly and clearly. Many are interested. Thanks for a good report.
yeah I don't know why they can't get a better audio setup...it's not hard. If you want to read a piece he wrote that covers a large amount of the same issues that are important, google his name and 'the guardian', he wrote an editorial and outlined his economic and geopolitical implications for covid.
@@BrodyMulligan Good suggestion. Thanks.
I'd be interested to learn what his thoughts are on how this all could be short-stopped.
“... But other than that, everything is fine.”
That guy flexin' on us all with that glass chair in the background
Depressing.
We are in the midst of financial buggery driven by the 1%ers and counterfeiting printing by the Fed. Yes, the greatest depression has started. We the average must protect ourselves, financially, emotionally and personally, governments will not act responsibly. Coming to you from my rural stronghold in New Zealand.
I need a rural stronghold 😞
He seems like a real happy glass is half full kind of guy ..
dan fearon Epic comment, and so true :-)
Fugly? jajajajaajaj
Not being financially responsible always has a price to pay and that debt tends to come due at inconvenient times.
Too late to try and fix now.
This guy has called 200 of the last 3 recessions even someone who says it’s gonna rain everyday gets it right a few times
Any reference or links? I hope you’re right!
One year later, he was right!
It’s even crazier watching it for the first time 🤯🤯🤯
He says in middle of decade he’s basically covering all possibilities
Brian Doran that’s why it’s called a prediction. He’s hedging big time.
Better to cover all possibilities then to change predictions constantly
Things take time. Dump trillions into the market to buy some time. 30 million new unemployed along with millions who have been chronically unemployed. There's going to be a second dump worse than the first. We won't get out of this until the mid 2030's.
Omar Feloose recession happens every 10 years average lol he could at least predict the year
Are we going to ignore the mass resignation of CEO's between 2018-early2020? Like 2000 official resignation took place in this period from top companies in the world..! Why?
He's a broken clock, but no one can say 'recession' like him...
Itz year end n time to thank God for helping us surge n survive through tough trials n tribulations of this year.... We r grateful to have surpassed 2020 successfully by the grace n mercy of higher power.. Pray to see a great 2021.... for world n mankind...
Wow, he predicted a great depression...
I think about everyone on the planet, knows that is coming..
😆😆😆😆
Trump disagrees. V shape recovery. Like a rocket shooting up. Trump 2020
I've already prepared. Didn't see a depression coming but saw a recession since mid 2018, it was just a matter of time, this is just the hammer that broke the dying camel's back.
The difference in this depression is that it is a crisis that was _created_ . It was _designed_ for mass monetary destruction, but the rich were given extra money, liability protection, etc.
Other countries that did contact tracing and testing succeeded much better than the US without as much quarantine. This is _planned_ economic destruction. They designed the US plan to quarantine everyone, to really destroy the economy, when it wasn't needed at all.
Its always those with the most to loose that believe the worst is a long way off and it wont happen in their life time, big surprise coming for every one !
At least with the greater depression and no factories running, the air will be cleaner 😊
You know what happens when someon stops smoking cold turkey? They get sick...feel like hell, depression, headaches, insomnia on and on...
Im worried about how the great mother nature will deal with withdrawl? Super hot summer amd greater Hurricanes?
Thank you Mr. Roubini....
Any economist that's not a multimillionaire is not a very good economist.
Shame about the poor quality of the audio / internet connection.
I’ve been following Roubini on a monthly basis since 08. He’s generally balanced in his views and non-alarmist. But when the Fed fires up the presses or BTC is being discussed, he gets pretty animated.
He's completely wrong about BTC.
@@ShutThePuck Lol - he calls it 'sheeeet-coin''. I think he underestimates the cult gravity of the BTC narrative. Thus he sounds like a medieval Catholic cardinal denoting Protestantism. There is no right or wrong IMHO just threatened biases.
We are all doomed.
I predict a downward pointing arrow shaped economic future.
No, we print more cash.
Lol too bad but its true.
The economy will go up. It is just that there will be people's lives thrown away, while new people come in.
A Federal Reserve Note is debt backed by goverment deficit spending.
Depression is 4 quarters of negative GDP, very likely, recession is 2 Q of negative GDP plain and simple
Santi M What is it called if 3 q of negative GDP?
@@taoist32 recession and a half lol
@@santim2341 Bwahahaha
L shape and the graph needs to be in 3D
As in, it will be like dropping a sphere versus dropping a cube; it doesn’t bounce back but less high, it bounces less high and in an unpredictable direction
You can hear her typing while he is talking. Probably should have muted.
Probably?
all these media people haven't watched P. DeFranco and others who figured out a decade ago how NOT to sound like they're in the bottom of a metal barrel. Put some damn pillows and soft stuff and maybe egg crates like garage bands did for their sound, in 1965.
I like contemporary minimalist style,, like your room and furnishings.
I think he was trying to say that we're headed for a great depression in the very near future.
gerri577 Great Depression is putting it lightly. We are headed into a total restructuring and possibly end of modern civilization and will reboot
@@iman388 lol, indeed!
Immanuel Aya idiot
If you can predict the disaster that is about to come, why not take measures to stop it? IS IT THAT YOU HAVE A DEATH WISH? One reason there was si much suffering during the Great Depression was that people knew little about the economy. Now we know better
The stock market will go back to all times highs, everything will be euphoric in the markets. The middle class will be wiped out. You will only see how good the stock market is on the news, nothing about how people are struggling
You can sense it. Some say it may last over two decades.
Currency Wars: The Making of the Next Global Crises Audible Audiobook - Unabridged
James Rickards (Author), Walter Dixon (Narrator), Gildan Media, LLC (Publisher)
In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing @t James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas. While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors.
Later in the Decade? tell me about next week, next month, next quarter. He said "The Train has departed" please tell us how do we stop the train or Jump off.
Well, we’re fucked
very much
Guys, It's happening. he was right
We're asking the senior economist under Glass Steagall-repealing CLINTON for his opinion?!
Let me remind you that Clinton was an economist and when he left office USA had a surplus. I do not care how crooked he was or how many blow jobs he got in the Oval office at least he knew how to govern.
Even a broken clock will give you the right time twice every 24 hours.
I wish he would speak slower. Some of us live in th South y’all 🤠
i turn on the closed captions, that helps me a lot
Megan Below good idea! Thanks.
😩😂
those are always my words
Interest rates will soar, dump high interest debt and lock in where u can now for 5 +years
"To the Man with a Hammer, everything looks like a nail."
To a Man with a job, every depression looks like an economic slowdown.
‼️
If you are a nail is that a good thing to be nailed by a hammer?
Or is it hammed by the hammer if you are a nail?
Debra Legorreta to a man with a job a depression looks like heaven
Dr Roubini has been warning about this credit bubble for a long time, just as Doug Noland of McAlvany Asset Management.
How would you fix the problem, I think that’s what she was asking?
Letting it crash is how you fix it. After that, you have to end the Federal Reserve. It's the Fed that created this debt problem by lowering interest to zero and printing money out of thin air and giving it away to the corporations and banks to gamble it away. So the source of the cancer is the Fed. We need to go back to Gold Standard with blockchain currency (which by passes banks).
Where the fuck
are we going to get money
to buy gold?
You suggest
we all just Sell a house or two &
donate our own money
For gold storage at Fort Knox?
It’s not that easy
Walden, I don't think you understand how a gold standard works.
It has the same problem with any national Treasury, they declare whatever price per ounce of gold. IF they need to increase money supply they just announce it takes more money per ounce of gold.
In addition, gold standards have had a bad performance, letting precious metals float and take on a market price is probably better. At least you can chose to buy precious metals if you really think that'll be a safe haven for preserving purchasing power.
Gold standards literally require many moments of suspending purchasing and selling of precious metals like gold, suspension of any speci notes for their precious metal, and simply declaring a price per unit of precious metal.
I don't think you realize what a gold or precious metal standard really means... it doesn't mean freedom to purchase such precious metals. It actually usually causes the opposite, prohibition on purchase of or exchange for precious metals particularly in any distressing time for a nation either during a famine, pandemic, depression, or war etc. the ultimate use of precious metals being for imports and exports among foreign nations since none can therefore price discover their paper money... a behind the scenes thing among governmental national banks.
Block chain is a fucking gimmick. Not only does it not work in large transactions required for the population at large in a timely fashion the time it takes to complete transactions becomes exponential as the ledger becomes ever bigger... you'll need a petabyte hard drive just to store it; and using an exchange is no better than using some other exchange... not to mention quantum computing will completely render such block chain useless as QM computers literally can solve all the "passwords' coins with associated wallet "addresses" in a few moments, literally enabling anyone to use such coins before the true owners can, and poof, your digital money is spent and gone and changed.
Letting it crash is not a fix. It's letting it crash. Monetary policy is likely not effective, and will not fix it either, so they will let it crash... in just a different way.
Basic fundamental economic structures must change in the face of advancing technology. A reform on monopoly and monopsony as well as international trade that is essentially the time honored race to the bottom compete against the most destitute and often most despotic nation (suppliers can command their labor to work, doesn't have to adhere to any externality costs, can supply at a loss with near infinite manpower and subsidy power of inputs, etc.).
Allowing the mega rich to essentially purchase all the outstanding democratic republics of the world was an idiot thing, only brought about robber baron 2.0 with a vengeance; hence why the last 40 years has been essentially an investment boom and bust driven cycle, as actual growth GDP demand from consumer/labor is declining even when coupled with desperate and idiotic leverage (borrowing).
When all the investment money is tapped out, the last investor is stuck holding the bag... capex non financial sectors year over year for the past decade has been mostly negative. 90% of volume over the past decade in stock trading has been from stock buybacks; and even though most firms this only accounts for 15% to 30% of reduction in shares outstanding, the prices reflect 400% to 600% appreciation well beyond even a 2 for 1 stock reversal would cause on a per share price basis all things being equal.
The structure in which our economic system works needs fundamental changes.
Bloomberg should help guests have better audio, with some coaching and pre-interview testing, now that we're getting all these interviews from homes. And frequent TV guests like Roubini should get better mics!
Look upon the bright side things can only get worse.
He should have used the balloons background in Teams.
He’s a happy go lucky character .. so chirpy indeed
Ya he looks like a Joker 2 me alrighty 😭🤣
Can you please have the caption.
even a broken clock is right twice. this dude is always predicting a recession.
Give me a break newscasters, Roubini keeps saying he forecasted the 2008 financial crisis, he got lucky is all, just like many others who kept forecasting a market drop. “Even a broken clock is correct, twice a day”. How many times has he been correct since 2008? That’s a big fat ZERO.
I think the depression is in his home
Google him, believe it or not, he's a player! 😂
🤣
Successes from the past do not guarantee any success in the future.
nice chair
The interviewer rightly brought up personal and sovereign debt.
The fact is all debt is personal eventually because there is no facility in the structure for personal debt to become sovereign debt but there is the continued creation of debt by sovereign governments that forces the public to suffer it when the bonds created by Treasury and sold as assets to the public later have to be financed by taxes on the public when they mature. The further downside is when the government debt is held by foreign buyers and the taxpayers is still required to fund the maturity payouts but have been getting no benefit from the interest payments on the debt.