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Wednesday, July 06, 2011

Now here's something to look forward to
Posted by Jill | 10:05 PM
It's almost enough to make you think maybe this should happen while Republicans are running things:

Weakening economic conditions will come together in 2013 and create a "perfect storm" of global weakness, economist Nouriel Roubini told CNBC.

Known for his generally dour outlook that helped him see the financial crisis before it hit in 2008, Roubini said the US, European nations and others have become adept enough at forestalling their problems that a true crisis won't hit until 2013.

But when it does, the effects are likely to be painful.

"My prediction for the perfect storm is not this year or next year but 2013, because everybody is kicking the can down the road," he said in a live interview. "We now have a problem in the US after the election if we don't resolve our fiscal problems. China is overheating...eventually it's going to have a hard landing."

In the nearer term, Roubini sees slow but steady growth in the US, with gross domestic product likely to be a bit above 2 percent, with unemployment and housing continuing to hold back the economy.

From there, recovery will be difficult as the government cuts spending and raises taxes to ease pressure from the bulging debt and deficit issues.

At the same time, euro zone periphery nations like Greece, Portugal and Spain will continue to wrestle with their own debt problems, and China will act to prevent inflation from getting out of control.

Then the storm hits, he said.

If Bernie Sanders is right and the corporations and banks have already written off America once they finish sucking everything they can out of it, the global economic collapse they're so busy architecting may result in the emerging countries they're counting on not having anything left for them to suck either.


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Blogger Pangolin said...
There isn't going to be any growth and there HAS NOT been any economic growth since 2000. What there was has been a vast debt bubble that popped and has been replaced by a new wave of fraudulent accounting.

Count the boarded up store-fronts in your town. Look at the condition of the roads and houses. Note that most cities and counties are talking about laying of policemen and firefighters.

We have hit the "Limits to Growth" that the planet can sustain. We can share now or fight over the scraps.

Guess which plan the Reps. and the Dems. in Washington have bought? It isn't sharing.