19 November 2018

Nouriel Roubini

Chairman of Roubini Global Economics and professor of economics at the Stern School of Business, New York University
  • With the cryptocurrency bubble having gone bust, boosters have resorted to a defense of “blockchain”, the distributed-ledger software underpinning all cryptocurrencies. Photo: Bloomberg

    The big blockchain lie

    - Oct 16, 2018 9:01am
    With the value of Bitcoin having fallen by around 70 percent since its peak late last year, the mother of all bubbles has now gone bust. More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. The value...
  • Trump’s fiscal and trade policies will crowd out private investment, reduce foreign direct investment in the US, and produce larger external deficits, experts warn. Photo: Bloomberg

    Trump may kill the global recovery

    - Jul 19, 2018 10:22am
    How does the current global economic outlook compare to that of a year ago? In 2017, the world economy was undergoing a synchronized expansion, with growth accelerating in both advanced economies and emerging markets. Moreover, despite...
  • Jay Clayton, the chairman of the US Securities and Exchange Commission, regards all cryptocurrencies as securities, with the exception of the first mover, Bitcoin, which he considers a commodity. Photo: Reuters, Bloomberg

    Initial coin scams

    - May 11, 2018 3:58pm
    Initial coin offerings have become the most common way to finance cryptocurrency ventures, of which there are now nearly 1,600 and rising. In exchange for your dollars, pounds, euros, or other currency, an ICO issues digital...
  • As is typical of a financial bubble, investors are buying cryptocurrencies not to use in transactions, but because they expect them to increase in value. Photo: Reuters

    Blockchain’s broken promises

    - Jan 29, 2018 4:49pm
      The financial-services industry has been undergoing a revolution. But the driving force is not overhyped blockchain applications such as Bitcoin. It is a revolution built on artificial intelligence, big data, and the Internet of Things....
  • President Donald Trump ran in the election last year as a populist but he has governed as a plutocrat. Photo: Reuters

    Populist plutocracy and the future of America

    - Dec 12, 2017 9:23am
    Donald Trump won the US presidency with the backing of working-class and socially conservative white voters on a populist platform of economic nationalism. Trump rejected the Republican Party’s traditional pro-business, pro-trade agenda, and, like Bernie Sanders...
  • Republican administrations have persisted in pursuing unsustainable and undesirable tax cuts benefiting primarily the rich. Photo: Reuters

    The plot against America’s 99%

    - Nov 7, 2017 9:33am
    After multiple failed attempts to “repeal and replace” the 2010 Affordable Care Act (Obamacare), US President Donald Trump’s administration now hopes to achieve its first legislative victory with a massive tax giveaway that it has wrapped...
  • The world's major economies need to implement structural reforms to boost growth and sustain the recent upswing. Photo: Bloomberg

    Three scenarios for the global economy

    - Oct 11, 2017 9:40am
    For the last few years, the global economy has been oscillating between periods of acceleration (when growth is positive and strengthening) and periods of deceleration (when growth is positive but weakening). After over a year of...
  • The Fed could make a mistake in its own policymaking. Fed chair Janet Yellen would then have to hike rates rapidly to catch up at the risk of triggering a recession. Photo: Reuters

    Downside risks of global recovery

    - Jun 6, 2017 10:43am
    For the past two years, the global economy has been growing, but it has swung between periods of rapid expansion and deceleration. During this period, two episodes, in particular, caused US and global equity prices to...
  • The Republicans must now choose between passing their tax cuts and pursuing a much more modest reform. Photo: Bloomberg.

    A fiscal reality test for US Republicans

    - Apr 11, 2017 3:54pm
    US President Donald Trump’s first major legislative goal – to “repeal and replace” the 2010 Affordable Care Act (“Obamacare”) – has already imploded, owing to Trump and congressional Republicans’ naiveté about the complexities of healthcare reform....
  • Economic theory suggests that, in principle, a border adjustment tax could push up the value of the dollar by as much as the tax, nullifying its effects on the relative competitiveness of imports and exports. Photo: Reuters

    America’s bad border tax

    - Mar 6, 2017 9:52am
    The United States may be about to implement a border adjustment tax. The Republican Party, now in control of the legislative and executive branches, views a BAT – which would effectively subsidize US exporters, by giving...
  • An “America first” approach under Donald Trump is likely to worsen the longstanding Sunni-Shia proxy wars between Saudi Arabia and Iran. Photo: Reuters

    ‘America First’ and global conflict next

    - Jan 3, 2017 10:12am
    Donald Trump’s election as US president does not just represent a mounting populist backlash against globalization. It may also portend the end of Pax Americana – the international order of free exchange and shared security that...
  • If Italian Prime Minister Matteo Renzi fails, the anti-euro Five Star Movement could come to power as early as next year. Photo: Bloomberg

    Europe grapples with Brexit hangover

    - Aug 2, 2016 11:30am
    The market reaction to the Brexit shock has been mild compared with two other recent episodes of global financial volatility — the summer of 2015 (after fears of a Chinese hard landing) and the first two...
  • Globalization can be made to benefit all as long as the winners compensate the losers. Photo: Internet

    Where the political fault lines lie in globalization

    - Jul 5, 2016 10:18am
    The United Kingdom’s narrow vote to leave the European Union had specific British causes. And yet, it is also the proverbial canary in the coalmine, signaling a broad populist/nationalist backlash — at least in advanced economies...
  • Silicon Valley's thinking is that we are entering a new golden era of innovation, which will radically increase productivity growth and improve the way we live and work. The reality is different. Photo: Huffington Post

    Why innovations are not driving productivity growth

    - Jun 6, 2016 12:42pm
    Since the global financial crisis erupted in 2008, productivity growth in three advanced economies — the United States, Europe, and Japan — has been very slow both in absolute terms and relative to previous decades. But...
  • The eurozone economy is relying on monetary easing to bolster growth but a British referendum on EU membership is a dark cloud over the horizon. Photo: Telegraph

    What’s behind the global growth funk

    - May 3, 2016 9:26am
    The International Monetary Fund and others have recently revised downward their forecasts for global growth — yet again. Little wonder: The world economy has few bright spots and many that are dimming rapidly. Among advanced economies,...
  • The European Union and the eurozone could be ground zero of global financial turmoil this year. Photo: Bloomberg

    Seven major risks threatening global economy

    - Mar 7, 2016 10:46am
    The question I am asked most often nowadays is this: Are we back to 2008 and another global financial crisis and recession? My answer is a straightforward no, but that the recent episode of global financial...
  • The Party for Freedom, led by Dutch politician Geert Wilders, is one of the anti-Muslim parties that are becoming more popular in Europe’s core. Photo: Reuters

    Eurozone faces multiple threats this year

    - Jan 5, 2016 10:37am
    At the cusp of the new year, we face a world in which geopolitical and geo-economic risks are multiplying. Most of the Middle East is ablaze, stoking speculation that a long Sunni-Shi’ite war (like Europe’s Thirty...
  • Tracking a benchmark requires no work, but it yields only the sum of the good, the bad and the ugly because it cannot tell you whether to buy advanced economies or emerging markets. Photo: Internet

    Guess what? There’s always a third way in investing

    - Jul 28, 2015 9:46am
    Even in normal times, individual and institutional investors alike have a hard time figuring out where to invest and in what. Should one invest more in advanced or emerging economies? And which ones? How does one...
  • Brazil's problems are self-inflicted, stemming from loose monetary and fiscal policies during Dilma Rousseff's first administration, and have nothing to do with impending rate increases by the Fed. Photo: Reuters

    Fed rate hikes won’t hurt all countries equally

    - Jun 30, 2015 2:24pm
    The prospect that the US Federal Reserve will start exiting zero policy rates later this year has fueled a growing fear of renewed volatility in emerging economies’ currency, bond and stock markets. The concern is understandable:...
  • Herd behavior by traders trying to exit crowded trades in a hurry can lead to flash crashes. Photo: Bloomberg

    The liquidity time bomb for financial markets

    - Jun 1, 2015 8:12am
    A paradox has emerged in the financial markets of the advanced economies since the 2008 global financial crisis. Unconventional monetary policies have created a massive overhang of liquidity. But a series of recent shocks suggests that...

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