A “perfect storm” of events will collide in 2013 and throw the world back to economic crisis, warns New York University economist Nouriel Roubini. Roubini, who accurately predicted the timing and severity of the recent recession (December 2007), says investors have made overly optimistic U.S. growth expectations for the second half of the year and could get burned. The economy will grow but at a sluggish pace, and those who haven’t priced that assumption into their investment models are going to pay.
Speech by the famous economist Nouriel Roubini at the
International Award Pilosio “Building Peace” 2012.
Speaking at an event in New York on October 11, 2012, U.S. Secretary of Defense Leon Panetta warns a future cyber attack on the U.S. could rival the Sept. 11 terrorist attacks of 2001.
U.S. crude-oil production is expected to grow by 74%, or more than 4.9 million barrels per day to an average of 11.6 million barrels per day within 10 years, according to Platts’s energy data analytics unit Bentek Energy.
Analysts at Bentek attributed the projected rise in petroleum production mainly to shale oil activity at the Eagle Ford and Bakken shale plays in the mid-western U.S. and parts of Canada. They also said the production climb would be accompanied by lower U.S. and Canadian oil prices.
“Not only will the projected record growth in oil production affect North America, it will have dramatic implications for global crude-oil markets,” said Jodi Quinnell, Bentek oil analysis manager, in a statement Monday. “We foresee a massive displacement of traditional waterborne oil imports to the United States by 2022, taking them from 45% of U.S. total crude supply to no more than five percent.” Source: blogs.marketwatch.com
Analysis confirms that the danger of Iranian nuclear weapons far exceeds the danger of eliminating those weapons before they come into existence.
Mr. Eisenstadt and Mr. Knights expect a short phase of high-intensity Iranian response, to be followed by a “protracted low-intensity conflict that could last for months or even years” – much as already exists between Iran and Israel, (Source: Washington Times).
Image Source: europesworld.org/
Nouriel Roubini is the cofounder and chairman of Roubini Global Economics, an independent, global macroeconomic and market strategy research firm. The firm’s website, Roubini.com, has been named one of the best economics web resources by BusinessWeek, Forbes, the Wall Street Journal and the Economist.
He is also a professor of economics at New York University’s Stern School of Business. Dr. Roubini has extensive policy experience as well as broad academic credentials. From 1998 to 2000, he served as the senior economist for international affairs on the White House Council of Economic Advisors and then the senior advisor to the undersecretary for international affairs at the U.S. Treasury Department, helping to resolve the Asian and global financial crises, among other issues. The International Monetary Fund, the World Bank and numerous other prominent public and private institutions have drawn upon his consulting expertise.
He has published over 70 theoretical, empirical and policy papers on international macroeconomic issues and coauthored the books “Political Cycles: Theory and Evidence” (MIT Press, 1997) and “Bailouts or Bail-ins? Responding to Financial Crises in Emerging Markets” (Institute for International Economics, 2004) and “Crisis Economics: A Crash Course in the Future of Finance” (Penguin Press, 2010). Dr. Roubini’s views on global economic issues are widely cited by the media, and he is a frequent commentator on various business news programs. He has been the subject of extended profiles in the New York Times Magazine and other leading current-affairs publications. The Financial Times has also provided extensive coverage of Dr. Roubini’s perspectives. Dr. Roubini received an undergraduate degree at Bocconi University in Milan, Italy, and a doctorate in economics at Harvard University. Prior to joining Stern, he was on the faculty of Yale University’s department of economics. Source
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