Wednesday, October 28, 2015

Roubini dismisses China scare as False Alarm

Nouriel Roubini has cast aside his mantle as the lugubrious "Dr Doom" of the global economy, scathingly dismissing market panic over China as "manic depressive" behaviour by ill-informed investors. "China is not in free-fall," he told the Ambrosetti forum of world leaders on Lake Como. Mr Roubini, a professor at New York University, described the alarmist reaction to the Shanghai stock market rout as "excessive, unreasonable and irrational". The Shanghai bourse is largely closed to the rest of the world and is thinly owned by Chinese citizens, while the country's banking system is state-owned and therefore has the entire resources of the Communist regime to avert a financial meltdown.

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 Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics

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