Nouriel Roubini (Arabic: نوريل روبيني; born March 29, 1958) is a Turkish-born Iranian-American economic consultant, economist, speaker and writer.
"[17] Rather than focus on mathematical models and formulas, he draws his ideas from a combination of history, literature, and international politics, what he calls the "entire enchilada.
"[17][5] He also described his approach at an International Monetary Fund meeting, when discussing how he arrived at the percentage likelihood that there would be a recession, by saying: "If you ask me where I got that number: Just out of my nose.
"[5] Journalist Julia Ioffe observed "Roubini-ism-- [is] sprawling, non-linear, and hypercaffeinated-- ... his talking points are ... pluralized, rushing out quickly, like a magician's scarves ...."[10] Roubini was one of the people, along with among others economists Dean Baker, Fred Harrison, Raghuram Rajan, Stephen Roach, and William White, analyst Meredith Whitney, investment advisers Gary Shilling, Peter Schiff, and Marc Faber, and CFTC chair Brooksley Born who predicted the crash of 2007–08.
"[12][23] Roubini's predictions earned him the nicknames "Dr. Doom" and "permabear" (economist slang for someone who continually projects downturns) in the media.
[25] The New York Times noted that he foresaw "homeowners defaulting on mortgages, trillions of dollars of mortgage-backed securities unraveling worldwide and the global financial system shuddering to a halt".
[2] In September 2006, he warned a skeptical IMF that "the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence, and, ultimately, a deep recession".
"[26] However, financial journalist Justin Fox observed in the Harvard Business Review in 2010 that "In fact, Roubini didn't exactly predict the crisis that began in mid-2007... Roubini spent several years predicting a very different sort of crisis — one in which foreign central banks diversifying their holdings out of Treasuries sparked a run on the dollar — only to turn in late 2006 to warning of a U.S. housing bust and a global 'hard landing'.
[47][48] By highlighting that certain of his past predictions were accurate, Roubini has promoted himself as a major figure in the U.S. and international debate about the economy, and spent much of his time shuttling between meetings with central bank governors and finance ministers in Europe and Asia.
He used an intuitive, historical approach backed up by a study of theoretical models and came to the conclusion that a common denominator was the large current account deficits financed by loans from abroad.
[2] Business Week magazine writer Michael Mandel, however, noted in 2006 that Roubini and other economists often make general predictions which could happen over multiyear periods.
[10] In 2005 after Hurricane Katrina hit the US, Roubini predicted that an economic disaster was imminent; however, the next two years instead saw an increase in financial activity.
[10] In September 2006, he prognosticated the end of the real estate bubble: "When supply increases, prices fall: that's been the trend for 110 years, since 1890.
[56] He expected the full recession to last 24 or 36 months, and believed in the possibility of an "L-shaped" slow recovery that Japan went through in the Lost Decade.
[57] In his opinion, much of the recession's cause was due to "boom-and-bust cycles," and he felt the US economy needed to find a different growth path in the future.
"[58] In late July 2009, he warned that if no clear exit strategy were outlined and implemented, there was the potential of a "perfect storm": fiscal deficits, rising bond yields, higher oil prices, weak profits, and a stagnant labor market, which combined could "blow the recovering world economy back into a double-dip recession.
When these attitudes reverse at the end of the recession, that would be time for an "exit strategy, of mopping up that liquidity" and taking some of the money back out of circulation, "so it doesn't just bid up house prices and stock values in a new bubble.
[58] In the summer of 2006, Roubini wrote that the U.S. was headed into a long and "protracted" recession due to the "collapse" of house prices, which he noted were already in freefall.
In late spring 2009 he said, "People talk about the American subprime problem, but there were housing bubbles in the U.K., in Spain, in Ireland, in Iceland, in a large part of emerging Europe, like the Baltics all the way to Hungary and the Balkans.
What is happening today in Greece is the tip of the iceberg of rising sovereign debt problems in the eurozone, in the UK, in Japan and in the US.
[67] Roubini met officials in China during spring 2009, and said that many Chinese commentators blamed American "overborrowing and excess" for dragging them into a recession.
In an article in Foreign Affairs magazine, they described what they called a "G-Zero world," where the United States no longer has the resources to continue as the primary provider of global public goods.
None of these powers' governments has the time, resources, or domestic political capital needed for a new bout of international heavy lifting.
[80]He views blockchain as, "the byword for a libertarian ideology that treats all governments, central banks, traditional financial institutions, and real-world currencies as evil concentrations of power that must be destroyed.
[citation needed] He is also Chief Economist for Atlas Capital Team LP, as well as Co-Founder of Rosa & Roubini Associates.
[citation needed] Journalist Helaine Olen described Roubini as having "an accent reminiscent of a James Bond villain, and a laugh that seems to kick in on a one-second tape delay.
"[17] The Financial Times wrote: "when you meet him, his unflinching, unsmiling, uncompromising negativity feels like a break with normal human coping mechanisms.
"[46] New York Times journalist Stephen Mihm wrote: "With a dour manner and an aura of gloom about him, Roubini gives the impression of being permanently pained....
[3] Roubini likes to refer to himself as a "global nomad", and said, "You can be sitting still surfing the Internet, and experience other worlds, ideas and societies.
But I've found that there is nothing better than visiting a different country ...."[15] Asked to describe his parties at his apartment, Roubini said: "I look for ten girls to one guy.