Having spent 10 years studying emerging markets, I know that you have patterns repeated over and over again. A bubble is like a fire which needs oxygen to continue... when you see there is no oxygen, things change. Nouriel Roubini More Quotes by Nouriel Roubini More Quotes From Nouriel Roubini But in the financial markets, without proper institutional rules, there's the law of the jungle - because there's greed! There's nothing wrong with greed, per se. It's not that people are more greedy now than they were 20 years ago. But greed has to be tempered, first, by fear of losses. So if you bail people out, there's less fear. And second, b prudential regulation and supervision to avoid certain excesses. Nouriel Roubini law loss years All the risky things that were happening back in ’06 and ‘07 are back again to the same level, if not more. So we are in the beginning of a credit bubble, but just the beginning. Nouriel Roubini back-again credit levels If you worry about financial Armageddon, it is indeed metaphorically the time to stock your bunker with guns, ammunition, canned food and gold bars. Nouriel Roubini gun gold worry In an extreme credit crunch, leveraged purchases of gold cause forced sales, because any price correction triggers margin calls. As a result, gold can be very volatile - upward and downward - at the peak of a crisis. Nouriel Roubini credit causes gold Gold has no increasing value. And if you're really worried about, say, inflation rising, I would buy Spam. You know, you can eat Spam. You cannot eat gold. Nouriel Roubini worried rising gold I'm not a pessimist by nature. I'm not someone who sees things in a bleak way. Nouriel Roubini pessimist bleak way I am not going to say I told you so, but I did. Nouriel Roubini funny-oxymoron oxymoron told-you-so I'm a rock star among geeks, wonks, and nerds. Nouriel Roubini nerd rocks stars For me, geopolitical issues are becoming more important, because how can you understand economy if you don't understand geopolitics? People think economists just deal with spreadsheets and charts. That's a narrow-minded caricature. Nouriel Roubini think me you people A home is a home, and excess supply leads to prices falling. Nouriel Roubini falling leads excess home I love and collect contemporary art and go to all the art fairs. I love Damien Hirst and Matthew Barney. I grew up in Italy and had a humanistic education in philosophy and literature - things I love and appreciate. People are richer and more complex than just their day-to-day professional pursuits might suggest. Nouriel Roubini education love people art I don't personally consider myself Dr. Doom. I call myself Dr. Realist, even though it's less exciting and more boring than being called Dr. Doom. If you are consistently saying 'the world is going to end,' who is going to listen to you? Nouriel Roubini end myself you world My family is a Jewish Iranian family, but I was born in Turkey and raised in Italy. So it's a very mixed background. Nouriel Roubini background i-was-born born family What is important to me is that when I write something, people listen to me. I provide my wisdom to people, whether they agree or not. Nouriel Roubini me important wisdom people Celebrity has become a burden. There are more demands on your time. People think it is glamorous to fly places. But it is not - even if you travel business class and stay in wonderful hotels, you end 10,000 miles away from home. Nouriel Roubini you business home time I've nothing against Goldman Sachs. But Goldman Sachs isn't an investment bank. Goldman Sachs is a hedge fund. It's bigger than any hedge fund. It's more leveraged, to the power of three or five, than any hedge fund. Nouriel Roubini nothing investment three power No country can be complacent in making sure that excessive debt of the household doesn't create excesses and weaknesses in the financial system. Everything is interconnected. Nouriel Roubini create everything debt country The U.S. has been living in a situation of excesses for too long. Consumers were out spending more than their income and the country was spending more than its income, running up large current-account deficits. Now we have to tighten our belts and save more. Nouriel Roubini living situation long country Among the social media - I've tried them all - Facebook is a bit of a game, but Twitter is a productivity tool. I use it regularly and I'm addicted to it. Nouriel Roubini facebook game social-media media The economic costs, the financial costs, the job losses, the income losses, the fiscal costs of bailing out financial system are becoming larger and larger. Nouriel Roubini system job economic financial
