Roubini at Davos: G20 Has Become G-Zero
From The Telegraph:
Davos WEF 2011: Nouriel Roubini: G20 has become G-Zero
Stewardship of the global economy is in disarray due to a vacuum of leadership, senior economists have warned. (Click for Video [4:32])
Davos 2011 WEF: live
By Philip Aldrick, Economics Editor
Follow Nouriel Roubini on Twitter at http://twitter.com/nouriel
- A world where countries see global problems as a Zero Sum Game is a G-Zero World rather than a G20 World
- Semi self referential point: best new idea this year in Davos is that of a G-Zero World
- The glass is half full cause of huge liquidity & fiscal injections. What will fill the glass when fiscal discipline kicks in & no more QE?
- My forthcoming Foreign Affairs article with Ian Bremmer: A G-Zero World. With G20 in disarray/disagreement & G7 obsolete it is a G0 world
- Downside risks for growth: sovereign risk; Eurozone crisis; inflationary rise in commodity prices; US risks (housing, labor mkt, budget def)
- Positives for growth:global recovery; profitable corporations;strong emerging markets; less tail risk of double dip; asset reflation/risk on
4 Responses to “Roubini at Davos: G20 Has Become G-Zero”
G-zero: ground-zero, the center of the coming global implosion fuelled by a chain reaction of irresponsible corruption?
“The Nordic way” at the World Economic Forum in Davos.What’s so special about the Nordics? In international comparisons, not least the World Economic Forum’s global competitiveness index, the Nordic countries are almost always found at or near the top. In one meta-index that is an aggregate of 16 different global indices (competitiveness, productivity, growth, quality of life, prosperity, equality etc) the four main Nordic countries − Sweden, Norway, Denmark and Finland − top the list. What are the reasons? Is there such a thing as a common “Model” particular to the Nordics and if so, will it last? Is it sustainable, even transferable to other parts of the world?In this little brief we would like to provide bits and pieces of what we believe are some plausible explanations for the relative success of the Nordic societies. If these experiences can improve the understanding of our way of doing things and inspire debate and development in other parts of the world we will be very pleased.Shared values are also about sharing values and experiences with others. The fact that Nordic countries showed resilience during the recent financial crisis largely seems to be the result of previous deep crises in the Nordic region in the 1980s and 90s. During these crises, the Nordic countries renewed and modernized their respective economies in ways which sometimes constituted a break with previous regulations and tax systems.http://www.kommuninvest.se/blogg/category/english/
Nouriel, Again, have you ever considered the work of Steve Keen?http://www.debtdeflation.com/blogs/2011/01/25/mish-mashes-the-wef/You must know of him I would assume as he is also a Professor of Economics and there can’t be that many of them.He is adamant about what happens from exponential growth and how mathematically it always creates a hyperbolic curve. His math plotted against our debt and economy is pretty awesome.Given this, your optimism, which I might add has continually ratcheted downward to reflect Steve’s math and reality, is either because you disbelieve him or you have never studied his work. Which is it? Have you studied his work? Is he wrong? Or are you just being political and not getting to far from the current FED/Media/Gobbermint Speak?Thanks again for your allowing the other side to comment.
Actually I should have said parabolic rather than hyperbolic.My mind was elsewhere.