The wealthy and there handlers call him Doctor Doom to discredit him. We have listening to those flying monkeys in the financial news TV like Jim Cramer telling us about money in wall street that doesn't create jobs that pay decent salaries. The President gave the wealthy 9% tax discount that he himself saved half a billion dollars. Money that those who support the idea said will be put back in the economy. Very sad and scary. God help us
I wish I had enough money to buy some land in the mountains and get out of the city but I don't. Watching everything happening in the world is like watching an unstoppable train come off the rails towards you. Everything slows down and while you see it coming, there's no stopping it. It's just a question if you can get out of the way...
But that won't happen since the politicians are all bought by the military industrial complex, or big oil, or big agro, or big pharma, and of course by the bankers
US media NEVER criticizes the economy and in fact they are used to paper over real domestic economic decline. We're here because of free market fundamentalism, and the media will NEVER say it.
@@nathanswann1198 Absolutely. I started teaching IB Economics 4 years ago. I learned so many aspects of economics that don't exist in the American mainstream discussion. Capitalism is never questioned in the way it should be.
I understand why Dr. DOOM is the way he is. Our decaying world environment, Governments, US politic, social discourse and so much more about the way we live today offers little to get excited about. We're in dire straits, no matter how you slice or dice our current situation. I'm sympathetic to Dr. Doom's informed views.
Warren Buffet has a huge amount of money ready to invest but stopped investing awhile back. That should have warned others the stock market bubble was going to crash soon
Never heard so many right thoughts coming out of one single person. I hope his voice will make people understand how everything is connected and we're driving into the abyss if nothing really systemic changes.
The Baha'i' Faith is the answer. Baha'u'llah (The glory of God),The promised one foretold by all messengers of the past, has revealed over fourteen thousands tablets, prayers, meditation, ..........during his life time as a prisoner by Ottoman Empire.
We are all caught in the web, you have no choice, either you are in or out of the circuit! As noted, if you opt out, you will be left standing! With such technology, a delay of just a year could mean you would never catch up!
Ofcourse it's heading to great depression because financially economically everything is turned upside down, jobs have been cut off ,salaries are cut off and poverty is hitting so many countries. No one knows when is this ending because so many people have lost their Jobs 😪 may God help the world.
The Baha'i' Faith is the answer. Baha'u'llah (The glory of God),The promised one foretold by all messengers of the past, has revealed over fourteen thousands tablets, prayers, meditation, ..........during his life time as a prisoner by Ottoman Empire.
Unless leaders start investing in their people and future, and countries come together peacefully to help with climate change, then crashes of different types will occur.
Biblically speaking "With pride comes a great fall". Hate to break it to you, but pride literally defines the nation of America. This is the beginning of our demise as a world power. Stay safe folks, and may God bless us and have mercy on our souls.
If you don't find a means of multiplying money, you will wake up one day to realise that the money you thought you had, has finished. Investment is key.
To earn more you are required to have a multiple diversified means of income", which is why Investment is an avenue of making more money once it's profitable.
@@mooniamborepiied5053 it's safe to have an investment manager who has vast knowledge about Investment, to make you profits from your Investment on your behalf while you monitor the Investment growth.
@@michealhudson8162 would like if you refer me to your personal Investment manager. I will also want to know if while he/she handles my Investment, is my investment still accessible by me to monitor and authorize any action on the Investment portfolio?
Give a example of how you would. It's easy to say it but what would you actually do? Talk it cheap. The west in done. It had a "golden age" and it is ending.
The most straightforward, honest description of factors contributing to current financial problems I have heard. Refreshing... (Cannot solve a "problem" unless the "problem" has been accurately identified)!!
The most simple principle but yet you have the middle class still believing because stocks are high, their life is good. I have unemployed friends thinking we are int he greatest economy ever, yet they are at food banks weekly.
@@JenX422 unemployed friends that think they're still in the greatest economy? Thank you for the reality reminder Of course stocks are going to crash again we're going to have a double dip.... perhaps they're getting some dividends from the stocks that they do own or perhaps their 401K looks real good...
What I have learned from my years in Wash.DC, studying at GW under Brazilian gov. scholarship is that the great depression of 1929 was a result of economic cycle started in 1920 that crashed in 1929 due to high bids which "epicenter" was at Wallstr. Now, our present economic situation is very "coincidental" with the oil price full growing (+ phase) from 1972 at $5 to the amazing $138 at 2008. From there on, we have watched a persistent devaluation of assets worldwide until this "weird" situation of "zero" interest rate policies every where. This zero interest rate value reveals something, which means in one way or the other some type of "zero" value assets. What that means for god sake? Ask you. Besides the jump on oil price (epicenter of the crisis) from 1973 till 2008 we have also observed this formidable addition on worldwide economy assets of the size of US economy (about 18 trillions) represented by Comunist China present GNP. It took 150 years to US to reached this amount of GNP and less than 30 years to Comunist China to come to the same position. The question that comes after is that: from where in heavens all this money come from? The answer is obvious: all that was "Fiat Money". But the seriousness of this situation goes beyond, considering the fact that Fiat Money produces "Zero Values Assets". You say: come on, all assets are there in comunist china in terms of real states, factories, highways, etc. I answer to that: yes, in fact, but all that because is a result of "printing-fiat" money has no values assets. Come on! Give me a piece of this zero value asset, you would say. You see, assets are the result of wealthy acumulation through time. It took 150 years of wealthy acumumation in order US get 18 trillion as its GNP. It does not matter how much money you are able to print in less than 30 years to produce the same result in Comunist China and by no means it is the results of a wealthy acumulation of chinese society. Therefore, all assets produced by this "Fiat Money" in Comunist China have zero value. You see, more than 10 city of the size of 1 million appears in this period in China and remains empty. No people lives there for several reazons. The main one is that all these investments in real state were not the results of the local chinese society acumultion of wealthy through time. Therefore, as you see it has "zero value assets". The case of zero interest rate is similar.
I am a AA woman 1972 graduate from H.S I am naturally insightful this economist confirmed my beliefs of what will happen. I also listened to a interview with Gary Null in 200that he did with economist Wolff and I made great decisions based on the prediction of the 2008 housing crisis. Thanks for your knowledge and insight that has confirmed what I believe is going to happen as well.
Weird thing is, precovid, I heard trump was inflating the market and we were heading into a recession in the fall, we are in one sooner than expected, so the problem might be definitely worse than ppl suspect.
if the number of jobs decreases then the number of consumers decreases thus in the end big bossiness is going to hurt it self .Not all people have capital and not all can be retrained think about it a truck driver who is in his 50s is going to learn programming think about it
@@lukusskywalker8603 hyperinflation want the people to live with saving worth nothing look at Iran currency ,people will be out to get the governments death warrant . all governments try not to increase inflation and keep it in a stable and manageable level
Hamburger flipping, this sadly describes the economy and labor pool of the Arab world, shawarma and cafes are the go-to jobs for people in their late 20s and even older, our people can't grow without skilled labor it's not enough to have Doctors and shawarma makers!
﴿قُل هُوَ اللَّهُ أَحَدٌ﴾ [الإخلاص: ١] Say, "He is Allāh, [who is] One, - Saheeh International ﴿اللَّهُ الصَّمَدُ﴾ [الإخلاص: ٢] Allāh, the Eternal Refuge. - Saheeh International ﴿لَم يَلِد وَلَم يولَد﴾ [الإخلاص: ٣] He neither begets nor is born, - Saheeh International ﴿وَلَم يَكُن لَهُ كُفُوًا أَحَدٌ﴾ [الإخلاص: ٤] Nor is there to Him any equivalent." - Saheeh International
Not saying that one politician is the problem (or solution) - but Andrew Yang built his campaign on this (automation) being a big deal and absorbing a lot of middle class jobs. He specifically mentioned transportation and trucking - but it seems nobody listens. When I tell my colleagues, who are white collar with jobs that require a lot of repetitive actions though they be on computers, that I see our jobs eventually being automated though technologies such as Natural Language Processing (NLP) Artificial Intelligence (AI) they look at me like I'm crazy and say that is a long way off. Talked to someone who does contracting/consulting in the industry and he says its already happening. Think a major part of the problem is that a majority of the educated middle to upper middle class white collar work force does not think their jobs are in danger of being automated. Can't believe how much in denial they are. People think because they went to school and have a job that requires a degree that they are safe. People need to look at the legal industry as an example. That 1st year lawyer position that new law school students use to get where they did research and pulled documentation for cases? Yep, it no longer exists. Replaced by technology. Technology is also being leveraged to search though contracts to tell accountants and lawyers the important things they need to analyze/investigate. Guess who use to do that? Yep, you guessed it! People - people who companies and firms use to hire. Those jobs are being replaced! Does Joe Biden address this? No! Does Donald Trump address this? No! Did Andrew Yang? Yes. Is his solution of Universal Basic Income the answer? Honestly, I don't know, but at least he has brought it up. It seems like the voters, particularly those in the middle class, don't want to think about this type of stuff. That is why politicians don't bring it up or talk about it either. I'm a bit worried about the future of the worker (whether it be blue or white collar). Not just in one country but around the world. What are we going to do?
We're in the midst of a staggering upheaval, a culling of the precariat, an investment class that prays to its self-sustaining algorithm, a discordant political cloud where 'isms' have lost meaning and where meaning searches for itself.
Nouriel is ABSOLUTELY Brilliant, as ALWAYS...!! Thank you, Steve, for getting us slice of his genius. His prediction is always correct. Full power. God Bless.
The silver lining is to recognize this is an ideal condition for the development of a different perception of themselves and others to accept their spiritual strength and choice to be a friend to themselves and others no matter what.!
Why is he the only one talking about investing in the people lol? He also never said "We need to use billions on wars"
4 года назад
Current economic condition in USA is similar to what happened to Austro-Hungarian empire where everything was working well and great palaces were being created while most of the public was getting poor - Ludwig Von Mises. That was direct effect of steering away from Hard Money monetary system in-place at that time and printing money. World is ready for rotation of financial and econoic empire like what happeed during 1930''s when empire shifted from UK to USA and before that Europe to UK.
I have to agree. The world and especially the United States is a mess with the United States having turned into a very backward country instead of a world leader.
By uniting as outlined in my vision, we can turn this around and avoid a potential military conflict between superpowers which we are at high risk of if the global economy collapses
A former employer predicted the job market would go to contracted worker's verbally to me in 2002. I didn't understand what she meant then, but now I know. This attempt to not pay benefits and other thing's people receive by stable employment not found at an employment agency fuels income inequality. So what did they except to happen? It was the people who make money wanting more money by taking more from those without. The gravy train doesn't run forever rich people. Time's come to real what you put into this bomb!
I am perplexed about bying his book cos he's essentially saying exactly what I am saying to whoever is willing to listen...I might give it a try (even tho so far it seems as if listening to my selftalk)
It’s an active effort to mass produce poor people.. let’s be honest there’s no such thing as equally rich.. feeling rich is a relative thing. I cannot feel rich unless there’s lot of poor people .
Economist Nouriel Roubini is known as Dr. Doom for predicting the global financial crisis of 2008 years before it happened, well so did I, it doesn't take a genius to do that, next is a coming depression which I have been saying would come if it's not already here.
(c. 8:49) The host, Steve Clemons, asked Nouriel Roubini about Trump. Roubini presented a compelling case for Trump as a "pluto-populist", "a plutocrat wearing the sheep's clothes of a populist; but he's not a populist."
People are looking at the S&P 500 without realizing there's a giant concentration of just 10 companies now representing 29% of the index because it is weighted by market cap. I long for the day when the financial media finally starts looking at the Russell 2000 as its barometer of financial market health because that index is still doing badly like the real economy.
So many opportunities via Coursera, Udacity, EdEx and other leaning platforms on the web for anyone to learn new tech skills. Keep the government out of education - they have been the problem- not the solution. Don't be lazy!
*short answer is NO. the great depression was compounded by the dustbowl ... all under a commodity-backed currency that prevented the state from simply printing more. with global trade, internet, and post-scarcity energy reserves, we live in a transformed world unrecognizable to a hundred years ago. seriously, we're gonna be fine. people aren't struggling to eat, they're struggling to be rich ... which is a totally different kind of complaint ;-)*
Interesting comment. But tell me, on the world economy, not the USA economy, yes the WORLD economy, how important was the dustbowl in creating the great depression?
@@tomholy - it made a ripple that was felt around the world. as the ability to pay dried up, the ability to import dried up along with it. south america was rocked particularly hard.
the best part is by dumping Hua Wei, US only can go to Nokia Ericsson. I am sure Nokia and Ericsson won't have any incentive to quote a good price because they simply don't have to....
Money is almost gone. Covid19 has an unknown origin, and no date is being predicted as to when it will "disappear." The US is separating itself from even our closest allies,,, and we have more unemployed and unemployable then ever before on Earth. Your guest is just repeating over and over these same talking points, but, does not seem to possess a point of his own, except that there will be a monetary collapse and the whole World will have to play the hunger game to get to the back side. Brother James Kendall Moore OSB OFS OSC.
He mentioned more education as a solution but the problem is that education is no longer a guarantor of employment. Also STEM isn't for everyone and learning code is ridiculous, we should make technology work for us; not the other way around.
You are right but hardly anyone sees it, most deny, especially if politicians because they know that the way the system currently works has to change to enable lives across the world to work in terms of being worth living with enough water, food, learning, places to live etc. Will they ensure provision though or will they just bring about their demise? on grounds there are too many lives currently on the planet causing escalation of levels of CO2 as they see it . "They" being the preferred scientific way as opposed to the peer reviewed actual scientific view. Some scientists say we are about to freeze in a maunder minimum type event and others say we heat up to threaten life on earth. Who is right? since both of those have happened before which we can tell from the miles long ice core segments
Itz year end n time to thank God for helping us surge n survive through tough trials n tribulations of this year.... We r grateful to have surpassed 2020 successfully by the grace n mercy of higher power.. Pray to see a great 2021.... for world n mankind...!!
You won't get rid of truck drivers or uber driver's, because, if there's a accident the truck will need to change course, and currently trucks,uber etc aren't that advanced .even buses are programmed to go on a set route,usually in a circle, how impressive.
﴿وَما أَدراكَ ما سَقَرُ﴾ [المدثر: ٢٧] And what can make you know what is Saqar? Saheeh International ﴿وَما أَدراكَ ما سَقَرُ﴾ [المدثر: ٢٧] And what can make you know what is Saqar? Saheeh International ﴿لا تُبقي وَلا تَذَرُ﴾ [المدثر: ٢٨] It lets nothing remain and leaves nothing [unburned], Saheeh International ﴿لَوّاحَةٌ لِلبَشَرِ﴾ [المدثر: ٢٩] Altering [i.e., blackening] the skins. Saheeh International ﴿عَلَيها تِسعَةَ عَشَرَ﴾ [المدثر: ٣٠] Over it are nineteen [angels]. Saheeh International ﴿وَما جَعَلنا أَصحابَ النّارِ إِلّا مَلائِكَةً وَما جَعَلنا عِدَّتَهُم إِلّا فِتنَةً لِلَّذينَ كَفَروا لِيَستَيقِنَ الَّذينَ أوتُوا الكِتابَ وَيَزدادَ الَّذينَ آمَنوا إيمانًا وَلا يَرتابَ الَّذينَ أوتُوا الكِتابَ وَالمُؤمِنونَ وَلِيَقولَ الَّذينَ في قُلوبِهِم مَرَضٌ وَالكافِرونَ ماذا أَرادَ اللَّهُ بِهذا مَثَلًا كَذلِكَ يُضِلُّ اللَّهُ مَن يَشاءُ وَيَهدي مَن يَشاءُ وَما يَعلَمُ جُنودَ رَبِّكَ إِلّا هُوَ وَما هِيَ إِلّا ذِكرى لِلبَشَرِ﴾ [المدثر: ٣١] And We have not made the keepers of the Fire except angels. And We have not made their number except as a trial for those who disbelieve - that those who were given the Scripture will be convinced and those who have believed will increase in faith and those who were given the Scripture and the believers will not doubt and that those in whose hearts is disease [i.e., hypocrisy] and the disbelievers will say, "What does Allāh intend by this as an example?" Thus does Allāh send astray whom He wills and guide whom He wills. And none knows the soldiers of your Lord except Him. And it [i.e., mention of the Fire] is not but a reminder to humanity. Saheeh International
Undoubtedly as said by the Nobel laureate. Pandemic blow to economies lasts four decades as against maximum 10 years impact caused by a recession. Wars too destroy crops, land, structures, machinery and capital but pandemics destroy more than these. As studied by neo-classical economists, apart from pandemics resulting in low returns on assets, there exist sustained periods, over multiple decades, depressed investment opportunities due to excess capital per unit of surviving labour, and or heightened desires to save due to an increase in precautionary saving. Tourist cancellations in Egypt have reached 80 per cent, hurting many jobs.
The economy is not "the economy" scientifically speaking . The economy is not a force of nature . We make or accept certain types of economies . in the 1970s US we were on the path of mixed economy which served all in nations like Norway, Denmark, former Yugoslavia , etc . We all know that each of us has limitations . so why does finance capitalism have no limits now ? why is their more wealth concentration in the hands of a few? why have living standards gone down for the vast majority of people on this planet ? For 40 some years now , the prevailing economy in the world has increasingly allowed for legal criminality in the marketplace . the so called free market is only free for the richest ....
