Nouriel Roubini, the economist and professor who forecasted the housing collapse of 2008, is back with a new prediction for the global economy.
In his new book, Megathreats: Ten Dangerous Trends That Imperil Our Future, And How to Survive Them, Roubini examines a series of interconnected phenomena that he believes could lead to disaster if left unchecked.
In the first part of this two-part macro special of The Scoop, Roubini lays out the thesis for his new book and explains why he believes the world is on course for the most adverse macroeconomic conditions of the last century.
Key to Roubini’s new theory is the idea that since the threats our society is facing are all interconnected, their combined effects will be far-reaching:
“Unfortunately, there are severe ‘megathreats’ that imperil not only our jobs, our income, our savings, our wealth, but they imperil the planet, and even peace and prosperity.”
As an example of how these threats are related, Nouriel explains how if the economy were to enter stagflation, it would be combined with an unprecedented amount of debt:
“We're going to face not only inflation, not only recession, not only stagflation, but a stagflationary debt crisis — what I call in the book, ‘the mother of all debt crises,’ — because the level of private and public debt as a share of GDP is at an all-time high.”
Episode 113 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Roubini Macro Associates Chairman and CEO, Nouriel Roubini.
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