Nouriel Roubini
Turkish-American professor of economics at New York University and chairman of the economic website Roubini Global Economics.
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Our biggest financiers are China, Russia and the gulf states. These are rivals, not allies.
Janera:: Do you think then that it’s good that the French are abolishing the headscarves or the yarmulke?
Roubini: I’m not in favor of restricting what people wear. It’s counterproductive and creates more separation. The effect of the French policy is that children will attend a religious school and won’t be exposed to the secular education that France offers. They won’t learn the value of western modern secular values.
Reckless people have deluded themselves that this was a subprime crisis. But we have problems with credit-card debt, student-loan debt, auto loans, commercial real estate loans, home-equity loans, corporate debt and loans that financed leveraged buyouts... We have a subprime financial system, not a subprime mortgage market.
The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.
I think globalization actually maintains and fosters various elements of national and cultural identities. I don’t think everything is being homogenized. If anything, your food, your culture, and your ethnicity might become part of the globalized world, and thus absorbed by other countries.
The challenge we face is how to integrate the Muslim world into the global economy. Asia has become part of it, but not Africa or the Middle East.
It’s not as if there’s infinite wealth. There are thousands of new luxury units coming on the market, and the question is, who will buy them? If people start losing jobs, who can afford to pay 2, 3, 4, 5 million dollars? Do you know 10,000 new investment bankers on Wall Street?
(During the Italian crisis, about the proposal of replacing Silvio Berlusconi with Angelino Alfano, as the new Prime Minister of Italy) Replacing Berlusconi with one of his servile lackeys is unacceptable. Italy needs a credible government run by a respected & competent leader (2011-11-08
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