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Interview of Nouriel Roubini. From Bloomberg. He’s always worth listening to. He has that fabulous Bela Lugosi accent. Caveat Emptor. There is a lot I don’t agree with here. I don’t think he gets the implications of increased savings, since he refers to the Keynesian “paradox of savings.” That is, increased savings means less consumer consumption [...] In January I published How Long Will It Last, v.1.0 and discussed some new research on the results of studies of past depressions. You may wish to review that article. Professors Rogoff and Reinhart show that the historical average of banking crises have the following characteristics: Housing prices declined an average of 35% over six years; Equity [...] |
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