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A Global Perfect Storm (Roubini)
Project Syndicate ^ | 06/15/12 | Roubini

Posted on 06/16/2012 6:51:07 AM PDT by TigerLikesRooster

A Global Perfect Storm

15 June 2012

NEW YORK – Dark, lowering financial and economic clouds are, it seems, rolling in from every direction: the eurozone, the United States, China, and elsewhere. Indeed, the global economy in 2013 could be a very difficult environment in which to find shelter.

For starters, the eurozone crisis is worsening, as the euro remains too strong, front-loaded fiscal austerity deepens recession in many member countries, and a credit crunch in the periphery and high oil prices undermine prospects of recovery. The eurozone banking system is becoming balkanized, as cross-border and interbank credit lines are cut off, and capital flight could turn into a full run on periphery banks if, as is likely, Greece stages a disorderly euro exit in the next few months.

Moreover, fiscal and sovereign-debt strains are becoming worse as interest-rate spreads for Spain and Italy have returned to their unsustainable peak levels. Indeed, the eurozone may require not just an international bailout of banks (as recently in Spain), but also a full sovereign bailout at a time when eurozone and international firewalls are insufficient to the task of backstopping both Spain and Italy. As a result, disorderly breakup of the eurozone remains possible.

(Excerpt) Read more at project-syndicate.org ...


TOPICS: Business/Economy; Extended News; Foreign Affairs; News/Current Events
KEYWORDS: economy; perfectstorm; roubini
OK. We will respond by hoarding various barbarous relic Roubini is not fond of.:-)
1 posted on 06/16/2012 6:51:18 AM PDT by TigerLikesRooster
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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...

P!


2 posted on 06/16/2012 6:53:10 AM PDT by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: TigerLikesRooster

the global economy in 2013 could be a very difficult environment in which to find shelter
____________________________________________________________________________________________________________________________

I hope it hits before November 2012.


3 posted on 06/16/2012 7:00:15 AM PDT by pistolpackinpapa (Why is it that you never see any Obama bumper stickers on cars going to work in the mornings?)
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To: TigerLikesRooster
The eurozone banking system is becoming balkanized, as cross-border and interbank credit lines are cut off, and capital flight could turn into a full run on periphery banks if, as is likely, Greece stages a disorderly euro exit in the next few months.

A start of the long fall...

4 posted on 06/16/2012 7:06:58 AM PDT by GOPJ (Take your little hammer, little sickle and your scary red signs with a fist on it, and go home...)
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To: TigerLikesRooster
The eurozone banking system is becoming balkanized, as cross-border and interbank credit lines are cut off, and capital flight could turn into a full run on periphery banks if, as is likely, Greece stages a disorderly euro exit in the next few months.

A start of the long fall...

5 posted on 06/16/2012 7:08:02 AM PDT by GOPJ (Take your little hammer, little sickle and your scary red signs with a fist on it, and go home...)
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To: TigerLikesRooster

Obama is practically begging the Greeks NOT to elect the leftist party this Sunday. He is pleading for them to elect the conservative party that will continue with austerity and stay with the Euro.

He is deathly afraid if the leftists are elected, it will throw the financial markets into deep turmoil right before the November election.

How bizarre is that? In Greece he touts conservatism, while in the US he increases the national debt more than all previous Presidents combined.

What a selfish, self absorbed *sshole.


6 posted on 06/16/2012 8:50:21 AM PDT by Gabrial (The nightmare will continue as long as the nightmare is in the White House)
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To: TigerLikesRooster

I don’t see China effected at all.

China is growing.

All their manufacturing is owned by the government, and 51% of everything. Manufacturing owned for 10 years...

What is wrong with this picture? Why is 4/5 of the planet on starvation wages, China is growing and we’re all sitting around on the edges clapping our hands at their amazing advancement?

When are we ever going to wake up?

Or are we not going to?


7 posted on 06/16/2012 8:58:06 AM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: Cringing Negativism Network

You were given a lot of proof otherwise in the other thread regarding China.

Your statements continue to be ill-informed.


8 posted on 06/16/2012 10:26:23 AM PDT by EBH (Obama took away your American Dreams and replaced them with "Dreams from My (his) Father".)
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To: TigerLikesRooster
Bank Of England Panic's, Funnels £140 Billion To Bankrupt Banks Ahead Of Eurogeddon
9 posted on 06/16/2012 10:33:41 AM PDT by blam
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To: EBH

My comments continue to be among the only ones on this board, actively considering what happens when China becomes STRONGER AND STRONGER.

Are you?

There is more than today. There is tomorrow, and the years after that.

ALL OF WHICH seem pointed in China’s direction. Every single one.

There are no competitors. No shared victories.

Just loss.


10 posted on 06/16/2012 10:37:14 AM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: Cringing Negativism Network

China isn’t doing as well as they say they are. They are going to take it right in the nuts along with the rest of us. The they’ll go to war with India.


11 posted on 06/16/2012 10:37:27 AM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Cringing Negativism Network

Problem is your premise is wrong as my post to you on the other thread indicated. Now if you have recent proof to back up your assertions on China’s growth...I’d be very happy to consider it.

Did you both to consider what was provided to you?


12 posted on 06/16/2012 11:14:17 AM PDT by EBH (Obama took away your American Dreams and replaced them with "Dreams from My (his) Father".)
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To: EBH

A bit lacking in context.

What sort of background would you like, about what topic?

Thank you.


13 posted on 06/16/2012 11:17:11 AM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: Cringing Negativism Network

OH for heaven’s sake are you going to now play willfully ignorant games too boot?

Too be such a maroon as to not feel the need to indulge in idle banter regarding your premise....you must be 0bama?

The topic is YOUR premise that you have now espoused on at least two threads as the only voice crying in the wilderness...

Prove you premise! Provide the financial details for the last 8-12 weeks that supports your premise.


14 posted on 06/16/2012 11:22:51 AM PDT by EBH (Obama took away your American Dreams and replaced them with "Dreams from My (his) Father".)
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To: EBH

Suit yourself.

It was a fair claim. I stand by it.

Stand up for yourself and be specific, or stand down.


15 posted on 06/16/2012 11:24:39 AM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: Cringing Negativism Network

I have already supplied you with specifics previously. I shall not bore myself with reposting them.

You made the claim...now back it up is all that I am asking.

It you who has failed to provide proof to premise here. And as such it is you who should stand down and go do some homework.


16 posted on 06/16/2012 11:31:51 AM PDT by EBH (Obama took away your American Dreams and replaced them with "Dreams from My (his) Father".)
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To: EBH

Suit yourself.

My offer stands...

:D


17 posted on 06/16/2012 11:34:04 AM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: Lurker

Maybe.

Maybe not.

Seems a lot, not to hedge our bets. What if we are wrong?


18 posted on 06/16/2012 11:36:04 AM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: Cringing Negativism Network

There is no offer on the table.

There is a reasonable request to prove your premise and thus far you have avoided all requests, to be accountable to your faux claim.


19 posted on 06/16/2012 11:37:53 AM PDT by EBH (Obama took away your American Dreams and replaced them with "Dreams from My (his) Father".)
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To: EBH

Look I’ll once again state my case.

Just give me a couple of specifics please. Something on which I can start a discussion anyway.

I suppose I should be aware of your point but I am not.

How about that?


20 posted on 06/16/2012 11:43:06 AM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: Gabrial
He is deathly afraid if the leftists are elected, it will throw the financial markets into deep turmoil right before the November election.

How bizarre is that? In Greece he touts conservatism, while in the US he increases the national debt more than all previous Presidents combined.

Google's a little behind the times on that. I started to type "obama greek", and Google wanted to complete with the word columns, not elections.

21 posted on 06/16/2012 11:46:25 AM PDT by cynwoody
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To: Cringing Negativism Network

Are you daft, droll or don’t know how to use the board?

I shall not give you more specifics, even though I have requested several times now, for you to provide them to support your premise. See post 13, really it is right there.

If you don’t know what your premise is that started this conversation...I can’t help you.


22 posted on 06/16/2012 11:53:01 AM PDT by EBH (Obama took away your American Dreams and replaced them with "Dreams from My (his) Father".)
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To: EBH

OK with all due respect, sorry then.

If you’d later care to provide some feedback, if I’m reading then I’ll be happy to provide them.

:D Have a good one.

Bye.


23 posted on 06/16/2012 11:56:05 AM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: Cringing Negativism Network; EBH
From your post #7:
I don’t see China effected at all.

China is growing.

All their manufacturing is owned by the government, and 51% of everything. Manufacturing owned for 10 years...

What is wrong with this picture? Why is 4/5 of the planet on starvation wages, China is growing and we’re all sitting around on the edges clapping our hands at their amazing advancement?

From your post #10:
My comments continue to be among the only ones on this board, actively considering what happens when China becomes STRONGER AND STRONGER.

Are you?

There is more than today. There is tomorrow, and the years after that.

ALL OF WHICH seem pointed in China’s direction. Every single one.

There are no competitors. No shared victories.

Just loss.

There's your context. Now answer the question.

24 posted on 06/16/2012 12:05:38 PM PDT by WildSnail (The US government now has more control over the people than the old Soviet Union ever dreamed of)
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To: WildSnail

Not sure I see the question, to tell the truth.

I see a statement. Two actually. I see the statement #7 that agrees China is growing.

I see another statement #10, that China continues to grow, and is becoming stronger than we can contain.

In effect, doomage. We can never recover once that point is reached. Every action will be met by a four-times larger force.

Every one.

Remember please, China has four times the exposure we do, numerically.

Do you see something different from that?

Incidentally, do you own anything currently (based) in China?

Thank you.


25 posted on 06/16/2012 12:12:20 PM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: Cringing Negativism Network

You made statements not supported by proof or truth.

Prove your premise! Because your statements certainly don’t correlate with reality....

AGAIN....

China: ‘weak growth’ for years, says Credit Suisse
http://blogs.ft.com/beyond-brics/2012/06/14/china-weak-growth-for-years-says-credit-suisse/#axzz1xxuC1WYf

China Government Adviser Predicts Second-Quarter Growth Below 7 Percent
http://www.moneynews.com/StreetTalk/China-growth-economic-slow/2012/06/13/id/442129

China’s `New Normal’ Growth to Slow to 6%
http://www.businessweek.com/videos/2012-06-07/chinas-new-normal-growth-to-slow-to-6-percent

China manufacturing growth slows down
http://www.france24.com/en/20120601-china-manufacturing-growth-slows-down

China’s manufacturing activity grew at a markedly lower rate in May, official data showed Friday, providing further confirmation that the world’s number two economy is slowing rapidly.


26 posted on 06/16/2012 12:15:50 PM PDT by EBH (Obama took away your American Dreams and replaced them with "Dreams from My (his) Father".)
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To: EBH

Yet even China’s “slower” growth, exceeds anyone else’s.

Even their “slower” growth is fast growth.

That was my point. What was yours please?


27 posted on 06/16/2012 12:17:19 PM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: Cringing Negativism Network

No, sorry. No twisting out of this one. They are contracting not growing.


28 posted on 06/16/2012 12:28:56 PM PDT by EBH (Obama took away your American Dreams and replaced them with "Dreams from My (his) Father".)
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To: EBH

Oh. I see.

Which statement please?...

And why should I not pay equal attention to the others?

I see “China continues rapid growth” stories.


29 posted on 06/16/2012 12:31:01 PM PDT by Cringing Negativism Network (America doesn't need any new laws. America needs freedom!)
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To: cynwoody
The WSJ had a major article on this 6/11/12. It is on page A6 by an author named Sudeep Reddy.

The title is “Greek Election Poses the Next Major Threat - Country's Decision on Whether to Remain in Euro Zone Could Have Huge Impact on U.S. Economy and Presidential Vote”.

30 posted on 06/16/2012 1:37:56 PM PDT by Gabrial (The nightmare will continue as long as the nightmare is in the White House)
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To: TigerLikesRooster

The real economy has barely grown in the last 10 years but debt of all kinds has exploded, plan for mass defaults.


31 posted on 06/16/2012 6:38:22 PM PDT by Kenny500c
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To: Cringing Negativism Network
I see “China continues rapid growth” stories.

Those stories are true, but inaccurate. Growth is slowing. That's undeniable. You say that their slower growth is still faster than anyone else's. But that's mostly illusion. Manipulation of their currency, building entire cities that then stand empty, and the Chinese media reporting what they're told to report.

All the scholarly or even simply thoughtful analysis says the Chinese economy is heading down, and that will accelerate. The stagnating economies of the western and developing countries will mean less money coming into china via exports, and that will probably be the final nail.

Incidentally, do you own anything currently (based) in China?

No I don't. Is that relevant somehow?

32 posted on 06/16/2012 9:39:38 PM PDT by WildSnail (The US government now has more control over the people than the old Soviet Union ever dreamed of)
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