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Archive for November, 2010
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Nouriel Roubini #12 on Foreign Policy’s Top 100 Global Thinkers
Foreign Policy: 12. Nouriel Roubini — for seeing the roots of the next crisis in the current one. Economist | New York Foreign Policy — Being a global economic Cassandra isn’t a cheerful job, but someone’s got to do it — and Nouriel Roubini acknowledges that he fits the role perfectly. He has even [...]
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An Orderly Market-Based Approach to the Restructuring of Eurozone Sovereign Debts Obviates the Need for Statutory Approaches
Ireland is now on the verge of following Greece into the Land of Lost Market Access. At the same time, sovereign spreads continue to widen for the rest of the PIIGS (especially Portugal but also for Spain and Italy). If, as appears likely, Ireland ends up losing market access, the short term response of the EU will be feature a rerun of last spring’s Greek solution: kicking the can down the road with a bailout package (a combination of EFSF support and IMF loans) to prevent systemic contagion spreading to the rest of the eurozone and to global financial markets. The same prescription awaits should Portugal lose market access in the next few months.
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Roubini’s ‘Crisis Economics’ – NYT Top 10 Books of 2010
The New York Times: Michiko Kakutani’s Top 10 Books of 2010: CRISIS ECONOMICS: A CRASH COURSE IN THE FUTURE OF FINANCE by Nouriel Roubini and Stephen Mihm. Although Mr. Roubini’s pessimistic forecasts once earned him the sobriquet Dr. Doom, his predictions of fiscal disaster came frighteningly true in 2008, when the global financial system teetered [...]
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Comparing Spain With Ireland and Other PIIGS: Better in Some Ways, More at Risk in Others
Contagion is spreading from Ireland to Spain, which shares some key vulnerabilities in the wake of its real estate boom/bust and large non-performing loan overhang in the banking sector. A house price comparison shows that the housing bubble in Spain was more pronounced than in the United States but less pronounced than in Ireland.
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Nouriel Roubini’s Introduction to Christopher Whalen’s Book, ‘Inflated: How Money and Debt Built the American Dream’ Published by Wiley, 2010
Chris Whalen is one of the leading independent analysts of the US banking and financial system. In a world where too many sell-side analysts of the financial sector are not truly independent, Chris represents a fearless beam of enlightened and independent light that avoids the usual self-serving spin that is presented in so much of Wall Street research. In this book he also emerges as a leading historian of the US financial system and of the complex nexus between banking/finance, politics and fiscal policy. This tour de force of financial history of the US is also a political history and a sovereign fiscal history of the US.
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Gordon Gekko Reborn: 1987-2010
The Following is a contribution by Nouriel Roubini to the book “Wall Street: The Collector’s Edition” that was published by Newmarket Press following the debut of the Oliver Stone movie “Wall Street: Money Never Sleeps”
In 1987 Gordon Gekko declared that “greed is good”, the creed of a decade of corporate and financial sector excesses – the rise of junk bonds and the real estate bubble – that ended up in a bust by 1988-89 with the collapse of the junk bond market and the S&L crisis following the real estate bust of the late 1980s and triggered a banking crisis and a painful recession in 1990.
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Deja Vu: My 2004 Book with Setser ‘Bailouts or Bail-Ins?’ Covers All the Issues in Sovereign and Debt Restructuring, Available On-Line
Bailouts or Bail-Ins? Responding to Financial Crises in Emerging Economies By Nouriel Roubini and Brad Setser (August 2004, 348pp.)
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Roubini Hosts CNBC Squawk Box – Europe: Contagion 2.0
CNBC VIDEO — Roubini and Bremmer on Crisis Economics Click for report by Ash Bennington, NetNet Writer, Special to CNBC.com CNBC — Roubini Maps Out Nightmare Scenario of Domino Debt Collapse in Europe All rights reserved, Roubini GlobalEconomics, LLC
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RGE 360
Here is this week’s RGE 360, our Friday morning look at the week ahead in the global economy and our weekly review of the best recent content from Roubini.com.
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Irish Woes Should Speed Europe’s Default Plan
From the Financial Times:
As the European Union attempts to force it to accept an aid package, Ireland’s government is close to being unable to sell its debt on the open market, a fate that befell Greece last spring. Bond spreads in Spain, Italy and Portugal are also rising, with the Portuguese finance minister warning on Monday that his country may have to accept a rescue package too.In the short term the EU will kick the can down the road via a temporary Irish bail-out, just as it did with Greece. It is likely to do the same with Portugal. But it has finally dawned on the EU that a rolling process that places private bank losses on to public balance sheets could leave its governments insolvent too.
