Nouriel Roubini – Infinite Unknown

NYU economist Nouriel Roubini – aka “Dr. Doom” – has long been a cryptocurrency skeptic. So it’s hardly surprising that he delighted in bashing the cryptocurrency during an appearance on Bloomberg TV Friday, where he said the bitcoin boom that carried the price of a single token to $20,000 late last year was “the biggest bubble in human history” and that this “mother of all bubbles” is finally crashing..

And, of course,

And it’s not just Bitcoin, Roubini added. There are more than 1,300 cryptocurrencies or ICOs, and “most of them are even worse” than the largest digital token. These constitute a “a bubble to the power of two or three,” he said.

Furthermore, while many of bitcoin’s critics (Warren Buffett, Ray Dalio, Jamie Dimon – though Dimon later recanted) have clarified that they see value in “blockchain technology”, which many have proclaimed has the potential to change the world by disrupting industries as diverse to Wall Street and health care.

Oliver Stone holding court with billionaires Donald Trump, George Soros and Steve Schwarzman at private party hosted by Nouriel Roubini In 2009

December 2, 2016December 2, 2016 by Infinite

– Sightings:

Oliver Stone holding court with billionaires Donald Trump, George Soros and Steve Schwarzman at a private party hosted by Nouriel Roubini — nicknamed “Dr. Doom,” for predicting the economic crisis — at RdV Lounge in the Meatpacking District . . . MOBY catching the burlesque show at HeadQuarters, along with Robert Seigel, who wrote “The Wrestler” and directed this year’s indie hit “Big Fan,” which was filmed at the Manhattan gentlemen’s club . . . Diners at Beppe in Gramercy stopping as Panic! At the Disco guitarist Brendon Urie and drummer Spencer Smith walked in.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Top Financial Experts Say World War 3 Is Coming … Unless We Stop It

July 30, 2014July 31, 2014 by Infinite

“There is a war coming in Europe,” he said. “Do you really think this matters?”

– Top Financial Experts Say World War 3 Is Coming … Unless We Stop It (Washington’s Blog, July 30, 2014):

Nouriel Roubini, Kyle Bass, Hugo Salinas Price, Charles Nenner, James Dines, Jim Rogers, David Stockman, Marc Faber, Jim Rickards, Paul Craig Roberts, Martin Armstrong, Larry Edelson, Gerald Celente and Others Warn of Wider War

Paul Craig Roberts – former Assistant Secretary of the Treasury under President Reagan, former editor of the Wall Street Journal, listed by Who’s Who in America as one of the 1,000 most influential political thinkers in the world, PhD economist – wrote an article yesterday about the build up of hostilities between the U.S. and Russia titled, simply: “War Is Coming”. In the article, Roberts notes:

Read moreTop Financial Experts Say World War 3 Is Coming … Unless We Stop It

The Entire Economy Is A Ponzi Scheme!

April 13, 2013April 13, 2013 by Infinite

–The Entire Economy Is a Ponzi Scheme (ZeroHedge, April 13, 2013):

Bill Gross, Nouriel Roubini, Laurence Kotlikoff, Steve Keen, Michel Chossudovsky, the Wall Street Journal and many others say that our entire economy is a Ponzi scheme.

Former Reagan budget director David Stockman just agreed:

YouTube Added: 10.04.2013

So did a top Russian con artist and mathematician.

Even the New York Times’ business page asked, “Was [the] whole economy a Ponzi scheme?”

In fact – as we’ve noted for 4 years (and here and here) – the banking system is entirely insolvent. And so are most countries. The whole notion of one country bailing out another country is a farce at this point. The whole system is insolvent.

As we noted last year:

Read moreThe Entire Economy Is A Ponzi Scheme!

Currency War → Trade War → Hot War

February 9, 2013 by Infinite

– Currency Wars Often Lead to Trade Wars … Which In Turn Can Devolve Into Hot Wars (ZeroHedge, Feb 8, 2013):

Currency War → Trade War → Hot War?

According to numerous high-level insiders, the global currency war is accelerating:

Read moreCurrency War → Trade War → Hot War

‘Gold Bullion or Cash’ Shows Buffett, Roubini, Krugman Mistaken; Faber, Rogers, Bass, Einhorn, Gross Correct

February 24, 2012 by Infinite

– ‘Gold Bullion or Cash’ Shows Buffett, Roubini, Krugman Mistaken; Faber, Rogers, Bass, Einhorn, Gross Correct (ZeroHedge, Feb. 25, 2012)

Will Dr. Doom Soon Be Doomed?: Roubini Asks Of ‘Goldbugs’ On Twitter Where is 2,000?’

December 15, 2011December 15, 2011 by Infinite

Update:

– The Gold Sell Off Is Likely Coming To An End As Negative Gold Lease Rates Collapse

– Jim Rogers: QE NEVER STOPPED – The Fed Is Lying About QE 3 – Rising Money Supply Proves There Is QE 3 – On MF Global (Video)

– Roubini Asks of ‘Goldbugs’ on Twitter “Where is 2,000?” – Ignores Academic Research (ZeroHedge/Gold Core, Dec. 14, 2011):

Gold is trading at USD 1,626.10, EUR 1,261.20, GBP 1,067.30, CHF 1,557.40, JPY 129,550 and AUD 1,643.0 per ounce.

Gold’s London AM fix this morning was USD 1,635.00, GBP 1,055.32, and EUR 1,255.18 per ounce.

Yesterday’s AM fix was USD 1,665.00, GBP 1,068.75, and EUR 1,262.22 per ounce.

Gold in USD – 1 Yr (100, 144, 200 DMA – yellow line at $1,618/oz)

Gold is marginally higher in most currencies today and bargain hunters are beginning to buy after the recent price falls. The falls were due to recent dollar strength, liquidity issues in the financial system and weak technicals.

Read moreWill Dr. Doom Soon Be Doomed?: Roubini Asks Of ‘Goldbugs’ On Twitter Where is 2,000?’

Prof. Nouriel Roubini Says a ‘Perfect Storm’ May Converge on the Global Economy in 2013

June 13, 2011 by Infinite

See also:

– Greece: Default Is Inevitable

– Germany’s Rating Agency Feri Downgrades US Government Bonds: AAA to AA!

– China’s Rating Agency: ‘In Our Opinion The United States Has Already Been Defaulting’

– St. Louis Federal Reserve President Sees US Default As Big Global Risk (Reuters)

– Roubini Says a ‘Perfect Storm’ May Converge on the Global Economy in 2013 (Bloomberg, Jun 13, 2011):

A “perfect storm” of fiscal woe in the U.S., a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy, New York University professor Nouriel Roubini said.

There’s a one-in-three chance the factors will combine to stunt growth from 2013, Roubini said in a June 11 interview in Singapore. Other possible outcomes are “anemic but OK” global growth or an “optimistic” scenario in which the expansion improves.

“There are already elements of fragility,” he said. “Everybody’s kicking the can down the road of too much public and private debt. The can is becoming heavier and heavier, and bigger on debt, and all these problems may come to a head by 2013 at the latest.”

Read moreProf. Nouriel Roubini Says a ‘Perfect Storm’ May Converge on the Global Economy in 2013

Nouriel Roubini Warns of Double Dip Recession If Oil Hits $140

March 12, 2011March 13, 2011 by Infinite

– Speculators Anticipate Even More Powerful Move In Oil Prices Than In Summer Of 2008 When Crude Hit $150

Nouriel Roubini, the economist who correctly predicted the global financial crisis, warned on Thursday that some advanced economies could experience a double dip recession if the price of oil climbs to $140 a barrel.

“It the turmoil in the Middle East becomes much worse and the price of oil reaches $140-150 a barrel then the risk of a double dip recession increases,” Roubini said in a keynote speech here at MIPIM, the world’s annual gathering of real estate professionals.

World oil prices fell back Thursday after spiking sharply higher a day earlier, with New York’s main contract, light sweet crude for delivery in April, dropped 32 cents to $104.06 a barrel. Brent North Sea crude for April shed 51 cents to $115.43.

Several analysts have forecast oil could again reach the record $147 it set July 2008 before the onset of the global financial crisis if unrest spreads through the Middle East.

97 Percent Of All US Mortgages Are Backed By The Government

March 7, 2011March 8, 2011 by Infinite

Washington’s Blog strives to provide real-time, well-researched and actionable information. George – the head writer at Washington’s Blog – is a busy professional and a former adjunct professor.

I heard a recent talk by Richard Wolff – Professor of Economics Emeritus at the University of Massachusetts in Amherst (PhD in Economics from Yale) – where Wolff said that 97% of all U.S. mortgages are either written or guaranteed by the government.

As Bloomberg explained last August:

Fannie Mae and Freddie Mac, the government-controlled companies that issued and guaranteed more than 71 percent of mortgage-backed bonds last year. Between those companies and Ginnie Mae, which guarantees loans insured by the Federal Housing Administration, the government backed nearly 97 percent of U.S. mortgages in 2009.

There are supposedly plans in Washington to wind down Fannie and Freddie. Critics say that would destroy the “recovery” in housing.

If continuing to throw money at Fannie and Freddie would stabilize the economy, I might be for it – even though it is not free market capitalism. I am not wed to either liberal or conservative ideologies, and am instead simply motivated to do whatever will work to stabilize the economy and help the most people.

But as I noted in January:

Most independent experts say that the government’s housing programs have been a failure. That’s too bad, given that the housing slump is now – according to Zillow’s – worse than during the Great Depression.

Indeed, PhD economists John Hussman and Dean Baker, fund manager and financial writer Barry Ritholtz and New York Times’ writer Gretchen Morgenson say that the only reason the government keeps giving billions to Fannie and Freddie is that it is really a huge, ongoing, back-door bailout of the big banks.

Many also accuse Obama’s foreclosure relief programs as being backdoor bailouts for the banks. (See this, this, this and this).

Read more97 Percent Of All US Mortgages Are Backed By The Government