Tuesday, January 19, 2010

Nouriel Roubini On The Massive Debts Of The Rich Nations

Nouriel Roubini

The Risky Rich

by Nouriel Roubini

Today Nouriel Roubini points a finger at some of the worst offenders:

“Indeed, rating-agency downgrades, a widening of sovereign spreads, and failed public-debt auctions in countries like the United Kingdom, Greece, Ireland, and Spain provided a stark reminder last year that unless advanced economies begin to put their fiscal houses in order, investors, bond-market vigilantes, and rating agencies may turn from friend to foe. The severe recession, combined with the financial crisis during 2008-2009, worsened developed countries’ fiscal positions, owing to stimulus spending, lower tax revenues, and backstopping and ring-fencing of their financial sectors.

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