Who got it right about the crash, but no one would listen? Here’s what he’s saying now:
The odds have risen sharply this week of a fresh financial crisis that will plunge the global economy into a major depression, as policymakers fall far short of the radical measures needed to address the fast approaching storm, economist Nouriel Roubini warned yesterday.
Roubini, an economist famed for having correctly predicted the 2008 global financial crisis, told Emerging Markets last night in a telephone interview that the chances of a chaotic breakup of the eurozone had soared, as world leaders failed to take meaningful action to combat the risks posed by rapidly escalating financial market tensions and a worsening global economic outlook.
Policymakers continued to focus on the threat to the eurozone posed by Greece, when the locus of the crisis had shifted to Italy and Spain, he said. “At this point it’s not any more about Greece or Ireland or Portugal. The contagion has spread to Italy and Spain.”
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