Roubini sees prolonged high oil prices “$170, $180, $200 a barrel” and warned of the knock-on consequences: “the last three major global recessions … were all caused by a geopolitical shock in the Middle East that led to spike in oil prices.” – Foreign Policy

 

INTERVIEW BY BENJAMIN PAUKER at Foreign Policy

EXCERPTS:

Roubini still sees a dark outcome in Europe — “a slow-motion train wreck” — while Bremmer sees the Chinese economy as a “very, very fast car” hurtling down a highway … “the problem is that there’s a bend in the road coming up and there’s no steering.”

 

Roubini still sees a dark outcome in Europe — “a slow-motion train wreck” — while Bremmer sees the Chinese economy as a “very, very fast car” hurtling down a highway … “the problem is that there’s a bend in the road coming up and there’s no steering.”

But the real surprise comes at the end of the conversation, where Roubini and Bremmer both worry about instability in Moscow and Beijing bringing the two nations together — but it might be less a case of keeping your friends close than keeping your enemies closer.

 

And because of the fiscal drag and the effect of that on household disposable income, I see further economic softness even next year.

FULL ARTICLE

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