by Bo-Gilly » Wed Nov 23, 2011 11:17 pm
[quote]I hope the good Doctor did not trade on his November 2008 forecasts, otherwise he would have lost all the money he no doubt made when he shorted the market in 2006
How markets will precisely behave is pretty much nigh on impossible to predict, is it not Dombo ? Although certain things are relatively easy to predict, eg, that austerity doesn't work. Also easy to predict, when you accept the undeniable logic, is the paradox of overproduction and underconsumption. In fact it's so easy to predict that someone was able to predict the events of recent years 150 years ago.
And because it's so easy to predict, when you accept the logic behind the paradox of overproduction and underconsumption, that of course Nouriel Roubini wasn't the only economist to predict the global financial crises. Among the many other economists who also correctly predicted it was senior economic adviser to UBS, George Magnus. Unfortunately his bank didn't listen to him and it was one of the worst hit in Europe.
[url=http://www.telegraph.co.uk/finance/3366527/George-Magnus-the-man-who-predicted-the-sub-prime-crisis-would-lead-to-recession-profile.html]George Magnus: the man who predicted the sub-prime crisis would lead to recession[/url]
Quote :
"George Magnus does not look like a prophet. Yet this is the man widely acknowledged to have predicted that the US sub-prime mortgage crisis would trigger a global recession" You can see better how he came to his conclusions in this Bloomberg article he wrote :
[url=http://www.bloomberg.com/news/2011-08-29/give-marx-a-chance-to-save-the-world-economy-commentary-by-george-magnus.html]Give Karl Marx a Chance to Save the World Economy: George Magnus[/url]
Yep, plenty of economists predicted the present global financial crises, only neo-liberal free-market economists, firmly stuck in the fantasy fairytale land of wishful thinking, failed to do so.
Unfortunately these same fantasy land economists are not only still in charge, but they are increasing their influence by seizing power from elected governments, and imposing policies which the electorates could not be trusted to vote for.
Paul Krugman Noble Prize winning economist :
[url=http://www.chron.com/opinion/outlook/article/Romantic-views-threaten-Europe-Paul-Krugman-2281150.php]Romantic views threaten Europe - Paul Krugman[/url]
Quote :
" these people - the people who bullied Europe into adopting a common currency, the people who are bullying both Europe and the United States into austerity -aren't technocrats. They are, instead, deeply impractical romantics.
And to save the world economy we must topple these dangerous romantics from their pedestals".I give you Dr Roubini, professor of international economics at Harvard University, economist to the IMF, the Federal Reserve, and the World Bank, George Magnus, Senior Economic Adviser to UBS Investment Bank, and Professor Paul Krugman Nobel Prize winner in Economic Sciences......the Prosecution rests its case
