Wednesday, September 9, 2009

The crisis is far from over . The recovery will be anaemic

Nouriel Roubini, the notorious “prophet of doom” before the financial crash, is warning there is a growing risk of a “double dip” recession—in other words, that the present recovery will be followed by another slump, perhaps at the end of next year.

Roubini predicts that the recovery will in any case be “anaemic” just because the problems of the financial system have not been overcome. Moreover, if the stimulus of higher government spending is withdrawn too soon, the world economy will collapse again. This is the mistake Franklin Roosevelt’s New Deal administration made, leading to the terrible recession of 1937-8.

So it’s not surprising then that the G20 decided to carry on with government economic stimulus programmes for the time being. No, the crisis is far from over.

Source




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1 comment:

patricia said...

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Patricia

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