Roubini as Not Keynes

Nouriel Roubini, Turkish economist, professor ...
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This video really highlights how far out of consensus I must be.

It’s been a while since we posted any Nouriel Roubini content here and, as I sat listening to the video below, all I could think was, “that makes sense,” “I’m with you on that point” and “bingo!” Then I hear the clucking from the CNBC hosts – guest or otherwise – about how these theories simply cannot be true. Theories that seem so obvious to me.

They contend that Nouriel is ignoring the evidence of recovery all around us. I feel like taking the little video player and shaking it… hello CNBC hosts, COST-BENEFIT analysis! Do you realize you are celebrating bounces off of multi-decade lows? Bounces that cost a few trillion dollars worth of stimulus/handouts/morphine to engineer? And yet they are still extremely limp? We are citing 33.4 hour work weeks as recovery when all-time lows are 33.2 hours? Is the logic just that “you need to start somewhere?”

Gosh, I can only imagine the outright cries of joy when the census workers …. [To Continue Reading]

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