Nouriel Roubini: We’re entering new recession, issue is how deep

[marmar]

from The Globe & Mail (Canada):



It was three years ago today that Lehman Bros. collapsed, spinning the world into a crisis the likes of which had not been seen in decades. Three years later, any respite appears to have been brief.

The U.S. economy remains weak, and is likely to drag Canada with it. In Europe, the recovery is grinding to a halt as austerity measures meant to solve the continent's debt troubles help cripple the economy. There are riots in the streets of many European cities. Foreclosures are rising in the United States, where one in six is impoverished. Long-term unemployment is a blight the world over, with almost 1.4 million people out of work in Canada alone and warnings today from the OECD that governments need to act.

On this, the third anniversary of the death of Lehman, the European Commission warned that the economies of the 17-member euro zone are stalling, with growth in the third quarter of 0.2 per cent giving way to 0.1 per cent in the final three months of the year.

“This requires steadfast continuation of the strategy of differentiated, growth-friendly fiscal consolidation and the implementation of the decisions to support financial stability,” said Oli Rehn, the EU monetary affairs commissioner. ..........(more)

The complete piece is at: http://www.theglobeandmail.com/report-on-business/top-business-stories/nouriel-roubini-were-entering-new-recession-issue-is-how-deep/article2167239/

[xchrom]

1. recommend

[femrap]

2. K and R

I still think we're in The Greater Depression, but I guess it depends if one has a job or not.

There are just too many Robber Barons around for it to be anything other than a Depression.

[The Backlash Cometh]

3. I know our family budget has been cut back to the bone.

Then it made me think about all the places where we don't spend any money any more and I know they have to be hurting if we're not the only ones.

Republicans have to know that there's a cause and effect between wages and spending.

[L0oniX]

4. My bet is that many retailers are going to go belly from very weak xmas sales.

Choice: food, shelter or stupid xmas crap.

[roamer65]

5. Nouriel is usually right.