Monday, May 8, 2017

Roubini : Why the Markets are ignoring The Global Turmoil

by Nouriel Roubini

With Emmanuel Macron’s defeat of the rightwing populist Marine Le Pen in the French presidential election, the EU and the euro have dodged a bullet.
But geopolitical risks are continuing to proliferate. The populist backlash against globalisation in the west will not be stilled by Macron’s victory, and could still lead to protectionism, trade wars, and sharp restrictions to migration. If the forces of disintegration take hold, the UK’s withdrawal from the EU could eventually lead to a breakup of the trade bloc – Macron or no Macron.
At the same time, Russia has maintained its aggressive behaviour in the Baltics, the Balkans, Ukraine, and Syria. The Middle East still contains multiple near-failed states such as Iraq, Yemen, Libya, and Lebanon. And the Sunni-Shia proxy wars between Saudi Arabia and Iran show no sign of ending.
In Asia, US or North Korean brinkmanship could precipitate a military conflict on the Korean peninsula. And China is continuing to engage in – and in some cases escalate – its territorial disputes with regional neighbours.
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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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