http://english.aljazeera.net/indepth/opinion/2011/08/2011816104945411574.html
Nouriel Roubini is Chairman of Roubini Global Economics, Professor of Economics at the Stern School of Business, New York University, and co-author of the book Crisis Economics.
WOW!
You'd think a big wig like that should know something. But don't be fooled. He doesn't know what he's talking about because...
He is a conventional thinker in times of extraordinarily breathtaking change. Not a recipe for accurate, actionable thinking.
He is feeding us prescriptions from the past. Like a Hollywood writer who's long since run out of material, he just keeps writing the same story with changed names.
He misdiagnosis the problem as Capitalism. No. Capitalism is fine. Alive and well. It is Government which can no longer meet the needs of a changing world. A world that is becoming one big market. It is government that is standing in the way of progress on nearly every front.
It is government which steals vast amounts of our money at gun-point and then squanders it on the most unbelievably inane and ghastly projects. It is government which has bankrupted itself with greed and the most grotesque mismanagement of resources possible.
So gross in fact, many times the return on capital by government is not even 1 - 1, but negative.
And we will not have a 1930's style depression. No. This will be a long soft, recession, more reminiscent of the 1970s. The West or center of the empire is now beginning its own lost decade like Japan. Only without the benefit of huge piles of savings.
He is right. Many people in the middle class ARE losing ground. But that is because they've been overpaid in protected markets. Markets which governments can no longer protect as they become deeper and more integrated. More integrated as they become ever more exposed to global competition. That is why the Middle class are losing ground.
And Roubini's MIS-diagnosis, and MAL-prescription that we return to policies and ways of thinking from the past are a good example of why the old adage "Ivory-tower idiot" is still so apt.
Nouriel Roubini is Chairman of Roubini Global Economics, Professor of Economics at the Stern School of Business, New York University, and co-author of the book Crisis Economics.
WOW!
You'd think a big wig like that should know something. But don't be fooled. He doesn't know what he's talking about because...
He is a conventional thinker in times of extraordinarily breathtaking change. Not a recipe for accurate, actionable thinking.
He is feeding us prescriptions from the past. Like a Hollywood writer who's long since run out of material, he just keeps writing the same story with changed names.
He misdiagnosis the problem as Capitalism. No. Capitalism is fine. Alive and well. It is Government which can no longer meet the needs of a changing world. A world that is becoming one big market. It is government that is standing in the way of progress on nearly every front.
It is government which steals vast amounts of our money at gun-point and then squanders it on the most unbelievably inane and ghastly projects. It is government which has bankrupted itself with greed and the most grotesque mismanagement of resources possible.
So gross in fact, many times the return on capital by government is not even 1 - 1, but negative.
And we will not have a 1930's style depression. No. This will be a long soft, recession, more reminiscent of the 1970s. The West or center of the empire is now beginning its own lost decade like Japan. Only without the benefit of huge piles of savings.
He is right. Many people in the middle class ARE losing ground. But that is because they've been overpaid in protected markets. Markets which governments can no longer protect as they become deeper and more integrated. More integrated as they become ever more exposed to global competition. That is why the Middle class are losing ground.
And Roubini's MIS-diagnosis, and MAL-prescription that we return to policies and ways of thinking from the past are a good example of why the old adage "Ivory-tower idiot" is still so apt.
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