According to the Project Syndicate Dr. Doom/ Nouriel Roubini is once again warning of a perfect global storm in 2013. In his latest column Roubini warns of dark "financial and economic clouds" from Europe, the U.S., China and the Middle East.
First, he says the eurozone crisis is worsening, the fiscal and sovereign debt crisis and the problems in its banking sector are worsening. In fact he says, eurozone might need a bailout of its banks but also a sovereign bailout. "As a result, disorderly breakup of the eurozone remains possible."
Then, he warns that the U.S. economy is also struggling with weaker growth and job creation, the risk of a drag from the fiscal cliff and political impasse in Washington over fiscal adjustment irrespective of the outcome of the election.
With talks of a Chinese hard landing building Roubini thinks their growth model is unsustainable and the reforms aren't coming fast enough. Finally, he warns of tensions in the Middle East with Israel and the U.S. on one side and Iran on the other over the issue of nuclear proliferation…
Nuff said? Read all about it at http://www.project-syndicate.org/commentary/a-global-perfect-storm