EconoMonitor

Nouriel Roubini's Global EconoMonitor

Roubini and Bremmer – Al Jazeera and CNN Videos on the G-Zero World

Al Jazeera, Riz Khan — The G-Zero World: Roubini and Bremmer argue that without clear leadership we may be facing another economic meltdown. (Click for Video [24:59])

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CNNMoney — Strategy Sessions: Roubini: Avoid a ‘Fiscal Train Wreck’ (Click for Video [5:05])

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One Response to “Roubini and Bremmer – Al Jazeera and CNN Videos on the G-Zero World”

economicminorFebruary 28th, 2011 at 5:29 pm

Nouriel,I agree with your Zero-G analogy. Sadly..I think your concept of the undereducated in the US is slightly askew. I live in an area where there are a lot of them and most have no desire to work a hard 40 hour work week or have understanding of the world you live in. This includes a huge segment who are as fit as I am but believe they are disabled. Many are receiving disability support from the government. Plus another large segment who are retired and have no intention or desire to every contribute again.The massive and growing underclass in the US I believe is totally off the radar of most educated people. It probably started with the welfare society of the Johnson era and just continued to grow.IMO it isn’t that these people are not educated as much as they are not motivated to participate. There is no way to make many of them acceptable to what you believe is the main stream business community much less ever raise their level of education to a professional level. They live in an underground economy of cash and drugs. Some flow back and forth working low wage jobs with their underground income on the side. This mass of people has no interest in joining the *real* economy. They distrust banks and academics and people with suits or uniforms.IMO more and more people are joining this segment of society with the down turn. Some from economic distress and others because of the Injustice System. Or the lack of a fair justice system as you would relate to it and them. The rich not only get richer but get away with financial, environmental and other crimes against the general population with no repercussions or justice.It is an easy trap to get into because it doesn’t take long before a person is not employable in the parts of society where the real income was, manufacturing or professional careers. And then, what’s a person to do? The answer is what ever they have to.And now that the public sector is under the hammer and rising costs of food and fuel force more and more layoffs, we will see more and more people moving into the underground activities. You may not see it from where you operate but I can from where I sit.You may believe the numbers fed you by the mainstream but when you look under the hood of our *expansion* it is being fueled by exports of raw food, coal, war and government *stimulus* and not by any real growth in family wage jobs.So IMO, the Zero-G story is going to get much worse along with the *cure* proposed by the current US *Leadership*. Cutting CDBG and Community Police $ plus programs like WIC are going to force more into poverty and thus reduce state and federal revenues plus raise the crime rates. Society is going to degenerate while and the underground economy will expand further.The US has gone way off track and is heading full throttle towards the hairpin turn with the brakes disconnected and a delusional driver. And the rest of the train of the G20 is going to go off with us.

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