09/02/10 Stockholm, Sweden – Nouriel Roubini, or “Dr. Doom” as he’s also known, is a New York University professor and co-founder of Roubini Global Economics. As his nickname implies, his opinions tend to be on the gloomy side, and in this recent interview he describes “monetary policy as impotent” and estimates a GDP growth rate in this year’s second half of, well, just about zero percent.
Basically, all the gimmicks tried so far, including the job-boosting census, as well as cash for clunkers, first-time homebuyer tax credits, and so forth, have artificially bolstered earlier growth, but are destined to leave gaping holes in the economy in this year’s second half. So, as he succinctly states, “in the short run we may end up like Japan, in a severe deflationary trap.”
See the CNBC interview below which came to our attention via The Daily Bail’s post on how Bernanke’s quantitative easing fantasy is destined to fail.
Rocky Vega
Rocky Vega is publisher of The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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