A Radical Policy Response to the Rising Risks of a Depression and Financial Crisis
Here is an excerpt from my latest paper available to RGE clients.
A Radical Policy Response to the Rising Risks of a Depression and Financial Crisis
By Nouriel Roubini
The latest macro data indicate that most advanced economies—the U.S., most of the eurozone (EZ), the UK, Japan —are falling back into recession, while stress in the financial system and markets is reaching levels not seen since the collapse of Lehman Brothers. At the same time, hopes that strongly growing emerging markets (EMs) can decouple from the G7 downturns are now being dashed: The latest global PMIs suggest a massive slowdown of growth in EMs from China, Taiwan and South Korea in Asia to Brazil in Latin America and Turkey and Russia in emerging Europe. It is clear that we are at stall speed in the global economy and, as with an airplane that decelerates rapidly and stalls, there are only two options: Either the plane—the global economy—rapidly reaccelerates to return to escape velocity or it starts to free fall.
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Nouriel, in general I couldn´t agree more with you. However why the rumours/news that the BRIC countries are considering of helping out the Eurozone to, as you mentioned (maybe) get back to "escape velocity"? If at this point most of them are in the same mess as the rest are in, for which it is clear to see that most European banks/countries consider to take care of their own "nest of eggs" instead of helping out the troubled potential countries that are heading for default why would therefore the BRIC countries open up their wallets instead?
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