Worst-ever economic crash coming – Nouriel Roubini

Via RT

The great stagflationary debt crisis will hit markets this year, the famed economist warns © Getty Images / Patrick Fraser

The world is facing the “perfect storm” of high inflation, rising interest rates and a recession in 2023, with people who are currently employed likely to be hit hardest by the crisis, famed economist and New York University professor Nouriel Roubini told Australia’s ABC on Thursday.

One of the first economists to predict the financial crisis of 2008-09, Roubini has been warning now for months of a stagflationary debt crisis, which would combine the worst elements of 1970s stagflation and the 2008 debt crisis.

“I do believe that a stagflationary crisis is going to emerge this year,” he said, pointing out that the debt ratio in advanced economies was only 100% of GDP in the 1970s while currently it is 420% of GDP, in private and public debt.

“So, in this case, if we have those shocks to, say, oil prices, not only do you get inflation, not only do you get recession and stagflation, but you get what I call a great stagflationary debt crisis, because with interest rates so high, then that [debt] ratio has become unsustainable,” he explained.

Dubbed ‘Doctor Doom’ by Wall Street for his dire economic predictions, Roubini suggested that all of this would force the US Federal Reserve and other central banks to keep hiking interest rates until their economies fell into recession.

“I think that the Fed funds rate will have to be certainly above 6% to achieve a 2% inflation target,” he said. “But if you raise interest rates to 6% then you’re going to have a real hard landing.”

According to the economist, this will precipitate a harsh correction in equity markets, bond yields going higher, credit spreads for private sector debt widening, and will eventually lead to severe financial distress.

“That financial distress is going to make the recession more severe, and a more severe recession by having a contraction of income and output is going to increase the number of defaults by households, businesses, corporates, and even some financial institutions and some governments in poor countries that have serious debt problems,” Roubini warned.

He also said that people who are currently employed would likely be hit hardest by the looming crisis, including those who kept their jobs. “Stagflation is the worst of all worlds for workers,” he stressed.

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brewer55
brewer55

I believe I have heard this prediction every 6 months since 2009. Yet, somehow, the can gets kicked down the road another 6 months for yet another prediction of the sky falling and, I get another 6 months older.

Anonymous
Anonymous

Brewer55, I agree with you. TPTB and all the crystal ball readers out there have been humming this mantra for years now. I have a personal responsibility to do one thing, live my life from minute to minute in the most moral and spiritual way possible. I shall deal with the ass-hats of the world as they present themselves. I’m not hiding, I am simply tired of playing their game.

brewer55
brewer55

Amen to that, brother…Amen to that.

Laura Ann
Laura Ann

People stockpiled prepper stuff before the y2K hype, even silver and gold depreciated after it was all over, which is why we no longer buy any. Some were stocked up on water filters and wood stoves, but they eventually died off and their heirs threw most away or sold what they could. Only reason to buy canned goods and other things is to save money on sales since inflation keeps going up. There is zero future in raising a family when both spouses need to work just to live.

Brewer55
Brewer55

Don’t misunderstand my comments. I believe wholeheartedly in being prepared. Not only for the eventual collapse but, for ice storms, tropical storms, tornadoes and any thing else that will bring havoc.

I’m just tired of the gloom and doom purveyors constantly predicting the end is near, ad nauseam.

Laura Ann
Laura Ann

We prepare for hurricanes but not to the extent we did for y2k (I hate clutter, anyway, back then we donated long term food storage to local food bank)

Anonymous
Anonymous

Some learn from history, some repeat it. Some people live and learn, others just live. But the timing of the collapse should be right to the minute? Sorry, not going to happen that way. Don’t let your normalcy bias get you wiped out. Slowly, then suddenly. Printing more fake money works until it doesn’t.

Eddie
Eddie

I will go back to sleep now………………this Country has already died!

Those that cannot, or will not see the truth……………….

fujigm
fujigm

There is nothing wrong with “prepping”.
It used to be commonplace; my gramps had a root cellar, full of home canned foods.
I installed a woodstove (not EPA compliant, the horror!)
It heats the entire 2800 sf. house, and I’ve never paid for wood.
A tree cutting company drops loads at my front driveway.
Water filters are great for filtering rainwater barrels if needed.
I have 55 gallon barrels on every downspout (just like gramps).
They currently water the gardens, but can be converted in a pinch.
There is always a future in raising a family if the members are committed to the family and actively participate in it’s support from a very young age.
Raising helicoptered children (most of today’s blue children) who represent a continual drain on the family and zero contribution is always a losing proposition.

anon a moos
anon a moos

I heard that by this Friday or next its all going to imexplode and we’re all going to be living in cardboard boxes next month for sure. So get on down to the furniture store now and reserve a nice roomy chest freezer box and some plastic sheeting. ;D

brewer55
brewer55

The following purveyors of pending doom have been saying it for…well, as long as I can remember:

Max Slavo – SHTFPlan
Egon von Greyerts (spelling wrong, I know)
Michael Snyder – the most important news, endoftheamerican dream, and a couple others sites
Peter Schiff
Doug Hagmann – thehaggmanreport
Steve Quayle
Hal Turner
Dave Hodges
Gerald Celente

There are others. But, you get the picture. One day, they will be right, just like the broken clock.

Anonymous
Anonymous

They’re all correct, as Mr. Hemingway was:

“How did you go bankrupt?”
Two ways. Gradually, then suddenly.”
― Ernest Hemingway, The Sun Also Rises

Victory loves preparation. Once things go south, it’s too late.

Amat Victoria Curam

Anonymous
Anonymous

H a H a H a a broken clock. So clever and original. Have fun with your bank full of worthless $s.
And your social security will pay you even more $s and your pension will pay even more $s. Soon you will be a millionaire just like everyone else. Even a minimum wage job will make you a millionaire. YAHOO!!! News flash, $1,000,000 isn’t worth much now, wait a few years and it won’t buy a new car.
Oh but they are all just a broken clock.

Anonymous
Anonymous

It only continues while the $ is still being used to transfer wealth. This ends soon. Believe whatever you want to believe and plan accordingly.
As for me, I am going to exit the dollar as a store of wealth. I will accept the $ for payment as long as It can be converted to real wealth in a rather fast way.
I would not expect to retire on a dollar denominated pension.
I do not expect the dollar to survive as the reserve currency of the world.
Everything is about to change. Why else do you think we are trying to start WW3?

Anonymous
Anonymous
Saxonns Wrath
Saxonns Wrath

The “crash” has already started happening…but perhaps you haven’t noticed it.

It’s okay, you’ll look back and see where it began more clearly later.

You’re better off being prepared 10 years early, rather than one day late.

Just ask Noah how that turned out for him, with the water and boat and all…

Anonymous
Anonymous

Sooner or later this clown car 🤡 filled with DC ELITES making continuous turns to the left will either hit the wall or go off the cliff .
Be Prepared like a Boy Scout with an assault rifle !

brewer55
brewer55

The bastages even destroyed the Boy Scouts with the gender equity / fluid whatever crap.

Anonymous
Anonymous

Ambitions of destruction by the few, is always enabled by the compliant insouciance of the many. In fact, mass compliance is indispensable to the success of the plans of the evil.

Resistance in not futile; it is essential: Exodus 23:2

Laura Ann
Laura Ann

Same w/ girl scouts. Never support the united way in your community folks, some of the money is doled out to scouts. People best to give directly to groups like women’s shelters, foodbanks, local rescue mission, or handicapped group homes.

scott
scott

What exactly is an assault rifle?

James
James

Tis a rifle with a solid/fixed stock that one bashes someone in the face/over the head with.

TN Patriot
TN Patriot

Does a spike bayonet help?

Anonymous
Anonymous

It’s a rifle that does not know how to love tenderly.

fujigm
fujigm

That’s just it’s kind of love.

Anonymous
Anonymous

Assault rifles are transweapons that IDENTIFY as velveteen bunny lullaby guns.

anon a moos
anon a moos

a black plastic thingie.

NtroP
NtroP

I’m not sure of all the details, but I know it is evil and black……

fujigm
fujigm

What exactly is an assault rifle?

An assault rifle refers to a switch to smaller calibers by the military which began in the late 50’s and early 60’s, culminating in the selection of the Armalite rifle as the new military rifles, using the 5.56 NATO round. Other NATO countries followed suit.
This provided a larger volume of ammunition to be carried by each individual.
Smaller calibers were commonly used previously (usually carbines chambered for pistol ammunition) in ‘assaults’ on enemy positions due to their smaller size, shortened barrels, and lack of recoil.
Engagement distances were usually under 100m., so accuracy was less of an issue.
Previous infantry rifles were chambered in the 7.62 NATO round, and were considered “battle rifles”.
These were generally heavier rifles, allowing accurate engagement out to 300m.
Sniper rifles and SAWs retained the larger caliber 7.62 NATO for extended engagement.
Best of my recollection.
Hope that helps.

Laura Ann
Laura Ann

A name for some types rifles only the leftist call them that.

aka.attrition
aka.attrition

It’s when you rummage through something aggressively.

WilliamtheResolute
WilliamtheResolute

I view the FED as a Board Room full of monkey’s flinging their theoretical poo against the wall to see what sticks…they are trapped and they are clueless.

Austrian Peter

Ah, so that’s what an assault rifle is – its’ a Poo-stick!

Long Time Lurker
Long Time Lurker

I prefer the state of the art, Brigade A1 Poo Stick!

old dog
old dog

I think it is time for the masses to get a bigger shovel & fling it back.

Anonymous
Anonymous

It’s time for the masses to abandon compliance in their own subjection.

What if they gave a war and no one came?

What if they gave a narrative and no one listened?

What if they gave a loaded-dice economy and no one traded in it?

What if they gave us a .gov and no one voted and no one staffed it?

Sirhan Wrap
Sirhan Wrap

This is it in a nutshell. You don’t need to go Rambo on them at the IRS office. In fact, that will take you out of the battle entirely by the end of the day.

Don’t comply. Just…don’t comply. Make them WORK for every outrage, unconstitutional edict, executive order, mandate, public policy, and dumb ass idea they have somehow positioned themselves to declare. Do you honestly think they have the ability to detect, pursue and prosecute a Quiet War by millions against them? They are, overwhelmingly, not ideologically driven or even convinced about what they do.

The minions are just there for the paycheck, like most are today. Make their job as tedious, time-consuming, frustrating, empty of results and pointless as you can. Not complying doesn’t even to have to include dropping out of the system, if you’re not ready for that. Just use every avenue available for review, responses, questions, appeal, etc. Flood the system with paperwork. You’d be surprised how much you can get away with by simply over-complying. They don’t read that shit. They thumb through it, don’t find anything that looks out of place, and move on.

Don’t buy into the cult of the experts, the omniscience of the State, or the futility of resistance against authority. These are all narratives meant to keep you away from the Man Behind the Curtain. Start making their life as difficult as they have made ours. Turn that righteous indignation into NON-ACTION. This train is so creaky you will only have to fly under the radar a little while longer before the wheels come off for good. Be ready for that by being prepared, and being free to show up to the fight.

overthecliff
overthecliff

Nope, they know exactly what they are doing.

Jay
Jay

No nation will thrive for very long once it forgets God.

lamont cranston
lamont cranston

Back in 2008, Sen. Richard Burr called his wife Brooke and told her to go to the ATM and withdraw your daily maximum, then go inside before 5 (ona Friday, no less) and cash a $2000 check. We find out years later that the US was hours away from crashing.

Too nice of a woman (& client/Realtor) to be married to a jerk.

mark
mark

Shadow,

Right about that time I had a pallet of freeze dried food delivered to my then cull-de sac home, and loaded up on more silver, more essentials, and more ammo by the case.

Now, I live on a farm/compound for over a decade and no matter what happens to me and my wife or when…our child, her husband and their child will have a self-sufficient legacy in many ways.

Maybe we will share when TSHTF or maybe they will inherit it…but either way it will be here for them.

Wise relentless self-sufficiency and preparedness will always be its own reward no matter the timing of events you can’t control…but you can control getting out of Babylon.

And remember this…no matter how bad it ever gets…God keeps His remnant.

Iska Waran
Iska Waran

I just want to say one word to you. Just one word.
Yes sir?
Are you listening?
Yes, I am.
Rutabagas.
Exactly how do you mean?
There’s a great future in rutabagas. Think about it. Will you think about it?
Yes, I will.
‘Nuff said. That’s a deal.

A cruel accountant
A cruel accountant

Plastic the future is in plastic

Euddie
Euddie

Schrodinger’s Tomorrow.

Conner
Conner

The way I see it is the people who were smart enough to prep ,move out of the city’s , store supplies, plant gardens, stocked arms, will be the ones who survive, in the end these are the people you want around, the rest will for the most part will be dead and this world will be better for it in the long run..

Jdog
Jdog

The thing this article is not considering is the coming trade war with China. The meeting between Biden and Schultz was to strong arm Germany into supporting sanctions against China. This is going to be suicide for the US. China is holding all the cards in a trade war. A trade war may hurt China, but it will be fatal for the US. When Chinese goods begin to disappear from US markets, it will drive inflation into hyperinflation as desperation to purchase needed items at any price becomes the rule. When refrigerator’s are no longer available, how much will you pay for one when yours needs replacement? When auto parts are no longer available, how long before cars parked outside are stripped for parts by hoodlums?
Joe Biden is destroying America, and it now appears these actions are not the result of incompetency, but of deliberate agendas to destroy our Nation.

Sue

Yes. Now is the time to buy spare parts. Also everything else. And yes, this is deliberate. I guess those bastards must believe they will not be hurt by their own actions. They might be wrong, if history is any judge. And it is. Stalin killed those closest to him first. And if the very annoying WOKE herd thinks they will be spared and even rewarded, they too will be frightfully surprised. That will be an awful kind of side benefit, won’t it.

DWEEZIL THE WEASEL
DWEEZIL THE WEASEL

Sigh. Broken clocks are right twice a day. I’ll believe it when the sheeple are killing one another in the supermarket parking lot for the last can of beans. Life is a vale of tears.

Anonymous
Anonymous

There are plenty of places in the US where people are attacked and robbed trying to load their groceries in their cars every day… Not sure what reality you are living in….

mark
mark

I have started to pull on the same panhandler (about a year apart) who came up behind me as I was loading my truck. (This is in the same store parking lot in the local blue bubble).

Have a blown fuse on my startle reflex all my adult life…but in the blue bubble I am an exposed twitching nerve, especially if anyone is behind me.

Oh well…I always say begging can be dangerous…

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