Facing Up to Hard Truths

Jun.23 -- New York University Stern School of Business Economics Professor Nouriel Roubini talks with Bloomberg’s Stephanie Flanders at the Bloomberg Invest Global virtual summit about the hard economic truths facing the globe as the pandemic shows no end in sight.

[@superwiseman452]

Great interview. Dr. Roubini tells a compelling narrative and everyone should listen carefully to his arguments.

[@tomtesoro7994]

HE is sidelined so easily despite his accuracy as the 'DOOM' merchant! as if if you tell the truth YOU are somehow a traitor to the 'market spruikers'

[@arielholtz]

These longer pieces are great. Airways such smart hosts and guests

[@buzzpedrotti5401]

There is no account here of human innovation, effort, and capacity to adapt. He states the environment that we may live in, but not how well we respond and adapt.

[@VideovigilanteUSA]

Buzz Pedrotti thank you #elonmusk nation

[@collinlovas]

Great interview; great guest. Thank you!

[@brianrichards7006]

One cannot argue very strenuously with Mr. Roubini's thoughts. We live in a time period in which change is so rapid, humans will have a difficult time adapting. Good luck to all of us.

[@janvanc7190]

Left side with bookshelf background: I am smart. Right side without bookshelf: smart and humble person. Left side desperately looking for a hope giving good outlook answer. Right side: reality hits hard. Suck it up and prepare yourselves for at least a decade of pain and getting everybody's feet back on the ground. It's long, long overdue.

[@rifekimler3309]

Rubini knows what he is talking about and speaks with integrity.

[@piaoliang5467]

She KEPT trying to PRYBAR Inequality into his statement but he carefully avoided it. Good for him, not being a tool

[@buzzpedrotti5401]

So, amid this doom, Doctor, what do you suggest?

[@catxnc]

Well dang! Being 70 yrs old, I've only got one healthy decade left!

[@sommi888]

🧡💛💚💙 Make sure your portfolio has 10% to 15% allocation in Gold in order to protect your purchasing power for the next 10-15 years 🧡💛💚💙

[@MAdams-ey4if]

Life Extension, man! Git in da game!

[@timjones1583]

Thats right...... If they let you live.

[@Pinchshot39]

I'm 60. Wish I was 80.

[@mawavoy]

John Hill , perhaps if you are lucky. Old men do not fare well when blood runs in the streets.

[@orwellhuxley6301]

Nouriel tells it like it is.

[@tlittle6539]

Thomas Piketty laid this out in his book Capital. It is a huge issue in how to share wealth. My personal view is that death and estate taxes will have to be increased to very high levels so that the class system is disrupted rather than passed on to the next generation of the rich.

[@thiinkerca]

Excellent interview and discussion . Thank you . The theory of markets needs a reset vs more money printed to protect the .1%

[@edwardlee6080]

So who will be the buyers of products if the robots will replace people on the jobs ???

[@nonviolentcommunicationpro1602]

I like to listen to him - he is very knowledgeable, always showing different "dots in the diagram" (world economy) and how they relate.

[@vladimirjelisavcic3491]

Partially, but he is biased to his Dr Doom brand, which influences his judgement.

[@shakazulu3279]

This is Pravda II allowing just a small amount of disclosure that, while they try to downplay and sugarcoat it (the hostess, not Roubini!), they also hope it will go unnoticed and/or over the heads of the masses.

[@COVID...19]

I love her sweater ❤️.

[@buzzpedrotti5401]

He stated the reason to divorce from untrustworthy sources quite well.

[@johngardner1511]

Just give one company a monopoly in 5G. Of course, monopolies always play nice, are free of corruption, will never interfere with competition, and will always seek to provide the lowest price possible for their monopoly product. Nouriel, you are nuts!

[@donikajorgo5612]

Storm always without resulting. Thx

[@saeedbasabain4188]

God bless all

[@elizabethlibero1878]

Organized religion and invisible men don’t help

[@jondawber4690]

Rubini lives in the real world. Congress moves slowly and has no interest in large social programs. There is only 1 government : bankers ingrained with hedge funds.

[@tomtesoro7994]

'no interest in social programs' ( understatement!) THEY create economic terrorism on our society, THEN, post depression THEY contract, their spending creating longer term recessions and social welfare suffering and unemployment.. for a long long time, WHILE politically THEY create ANTI-democratic forces to prevent any 'social welfare spending

[@jondawber4690]

@@tomtesoro7994 I was reading about Alexander Hamilton . He wanted a central bank with high public debt so wealthy gentlemen could benefit. Hamilton even paid pennies on the dollar for war bonds that veterans did not know had full face value. 200 years later, the economy he created still exists. There are successful programs today, when viewed by Hamiltonian Cronies. Increased debt but fed private balance sheet is only known to a few wealthy families... and incarcerating black men in privately funded prisons whose labor is paid pennies an hour . People shouldn't be scratching their heads wondering why there is now a leftist movement accompanied by looting .

[@tomtesoro7994]

The 'New Depression' ( greater than 1929) is now a battle between the 'market' , ( international) elite and controlling of their sovereign employees world wide and the rest of the world's citizens. The economic and social 'split' , manufactured by the neo-liberals to carve out the world's resources and thus command its economic and social direction, has now even despite their failure ( moral) WILL still via deception and political distraction ( personality politics, race, virus etc) now try valiantly to revive itself into a ' neo-liberal economic state, mark 2' and this time with fewer barriers to its revival and added public sovereign tax payer bailouts.. to assist! This 'economic terrorism' is blatant and materially dangerous due to the attempts for the neo-liberals to constantly absolve themselves of any blame. History is being re written.. ( no its was the virus, not economic failure) and nations are now 'pointing fingers' ( look at China.. ) as they, the elites of gather world 'fight' to squirm out of any world wide economic armageddon blame. Beware the blatant 'gun boat diplomacy' occurrences.

[@tomtesoro7994]

@kl wies thank you for your wise accurate comments... 'accuracy and wisdom' are not the usual fare here..

[@tomtesoro7994]

@Rob Basque with 45 million US. unemployed , get ready for the exploitations.. and 'slashing' ( subtle, invisible)

[@michaelb.5893]

I expected an interview versus this conversation.

[@cw1967]

It's not doom and gloom, it's reality but typically people criticise what they fear. My only observation is that if people have to save more then a future digital currency will use negative interest rates to force money into the economy but it will be have a reduced impact because people will not have much savings because the pay and financial incentives of work will be reduced because it will be an employers market.

[@billcarney829]

He didn't look or sound very happy to meet this former colleague.

[@postscript5549]

Sound volume low.

[@joyofishingchannel9519]

Greetings from Indonesia

[@christophercooper2208]

There is and will be a renaissance of raves as pubs clubs and other venues will be unobtainable. People will take to outdoor entertainment

[@ieagleson1]

The pie is going to be bigger. The distribution of the benefits will be more narrow. Time for universal basic income.

[@davidbaker5561]

Dr Roubini talks of the danger of stagflation due to the combination of monetarisation of debt and the supply side shock of the virus & de-globalisation. Perhaps if we used QE money for massive investment in the productive areas of the economy & new technology has (which will mean massive State intervention on the scale seen only in China, which has turned itself from a third world country to an economy smaller only than the US in 40 years) we could avoid this.

[@buzzpedrotti5401]

It is not clear that isolating difficult neighbors will reduce productivity. It makes life safer and more certain.

Sounds like most of the 2020's will be spent in complete turmoil.

[@brandonreed09]

Well his nickname isn't Dr. Doom for nothing

[@Notrocketscience101]

Nobody knows the future, especially Dr. doom who missed the greatest bull market in history. We must have a primitive part of our brain needed to always be afraid of things, now it’s become a big liability.

[@Zayden.]

We're at the opening of a revolutionary era, all power to the workers! Down with the grotesque capitalist regimes!

[@idontwantahandlewhymustidothis]

@@Zayden. Also revitalize the BP to their former glory

[@SvenEisold]

Very interesting, but to negative for the future.

[@VFatalis]

If you think the future is rosy, then I'd like to know what pills you take.

[@saeedbasabain4188]

How economic now in US?

[@augurcybernaut4785]

So long as USA has a secondary credit market then all is well. But “zombie” corporations re growing and growing.

[@untouchable360x]

Hard truths cut both ways.

[@SpaceWalkTraveller]

Thanks for the interview. I think his U shape recovery is too optimistic. Maybe a W or a L shape.

[@Aspirenow1]

W shape

[@denisemariefugo5126]

Outstanding analysis.

[@jc.1191]

🍿

[@augurcybernaut4785]

🧄 🧂

[@arodriguez2707]

We need the Fed to screw off and allow the deflation forces to take over, RE & Equities prices need a huge correction.

[@johnl.7754]

Adrian Rodriguez then the president will fire him and get someone else.

[@arodriguez2707]

@@nambypamby5531 that's a great point, but if you subscribe to Nouriel's theory which is shared by several prominent economists around the world then it would be better to face the music now and not later. Maybe his theories don't happen and maybe the Fed can increase their balance sheet to the moon, but if they can't I at least want a little insurance.

[@robertomanz6399]

next time turn up the volume. you recorded it way too low. . R,

[@dangiscongrataway2365]

So what are you telling me is that in a year when I finish my economics degree I won't find a job?

[@DrTune]

Best option is to get yourself cryogenically frozen and come back in 2050

[@ozgal606]

Well barristers can't so...

[@RGMiron]

Isn't this one of the economic geniuses who encouraged TARP and QE back in 2008? Ya he was a "Kick the can" guy. Hay Professor, I told you it was a cul-de-sac. V shape recovery, indeed.

[@maxintel1446]

@3:50 Bloomberg muted interview but I and many others have the ability to read lips. Shame on Bloomberg for trying to silence the truth!

[@edwardleroy7648]

I wish that you had posted your interpretation. What about @: 12:11 , there was a click out there also? I can read lips a little but I have a hard time understanding some of his spoken Eastern European accent. He does speak more clear English than many.

[@markus27183]

what did he say??

[@paloman95]

Pfft. He said that nationalist populist protectionist policies will have a negative impact on the global economy. The second sentence is "what comes to the tensions between US and China..." You can't read lips for shit

[@clarkewi]

This man has been nicknamed "Dr. Doom" and you can see why.

[@sommi888]

🧡💛💚💙 Yes he said Bitcoin was going to $0 in Jan 2018 when it was $3,200 and now its up 3x from there. He was all Doom about Bitcoin and he was WRONG 🧡💛💚💙

[@elizabethlibero1878]

What do you want REN and Stimpy HAPPY HAPPY JOY JOY!?

[@JonathanVaucher]

It's actually starting to even affect also the highly skilled workers. For example the visa ban will block medical physicians and scientists to contribute to the advance of knowledge, pursue state of the art fellowship trainings, contribute to research and clinical duties. The New York Mermorial Sloan Kettering Cancer Center (MSKCC) is one exemple of this. And they clearly are taking position on this major issue as you can see in this official declaration: www.mskcc.org/news-releases/msk-s-response-executive-order-suspending-visas

[@aroundandround]

Deleveraging, deglobalization, depravation, degradation, debauchery, daemons, dengue, dyptheria, death and doom.

[@richard6231]

You forgot death.

[@williamtaylor5193]

...debt, dehydration, dummies, and dipshits.

[@ryantinney]

Bears, Beets, Battlestar Galactica

[@thomastrojak6824]

and now for the bad news...

[@b.j.n.g.354]

YOU HAVE FORGOTTEN , INTER ALIA : DEPRECIATION DEPRAVITY DESPERATION DESSICATION DEPRESSIVENESS DEPRESSION DECLINE DECOUPLING DEBILITATION AND/OR DEGENERATION. BE WELL. ---PROFESSOR BJNG.

[@guillermocrespo8144]

Bwoooaaahhhh. Earth will continue spinning after this guy is gone.

[@seriouslyyoujest1771]

And Earth will spin when our Reserve Dollar is replaced.

[@paloman95]

Yeah, but you might not be on it. It's incredible that people would rather listen to politicians than economists.

[@nancylaplaca]

Thé sound of a phone ringing in the background is very annoying, makes it hard to hear Noriel

[@thelight888]

Back in Black......

[@MF-en1wg]

Could there be more jobs in a machinated world? Probably, someone has to maintain all those robots..

[@BD-me4nk]

Yeah, one person, the owner of the robot. Everyone else will be chasing food like the wildlife outside

[@johnpaulspeedsktr]

No book deal for you

[@VideovigilanteUSA]

Why can't you have select globalization? This guy tweets anti trump virus tweets..i think he lives in the US... He needs globalization .

[@DrTune]

"So.. could there be any good news here?" ".... .... .... eh."

[@tomtesoro7994]

WHY? must there be "good news?" MAYBE 'bad news' is an negligent signal for all of us to get off the fence and CHANGE OUR SYSTEMS of government and actually participate in its action planning!

[@VideoconferencingUSA]

Thumbs down: come on Bloomberg we have all been working from get a decent microphone.

[@inch7293]

Dr doom is right i laughed so much i thought dooms day is at door

[@PMW10]

This guy is a riot

[@christianmolick8647]

Doctor Realist, please. Do the math: Everything he says checks out and his record is quite good.

[@rongants6082]

Why is that woman wearing pajamas for this interview?

[@charleswilson8038]

Bounce back with some economies in the next few months? What R U drinking. Must B Good.

[@buzzpedrotti5401]

He ignores that each new generation creates its own economy and values according to the resources available to it.

[@pedrorodrigueztube]

Ok so whats next from service industry. I see a little going back to industry economy, but that's going to be automated, same as automated service industry. What's left?

[@buzzpedrotti5401]

We survived the 70s. A few important changes took place, and lot of people chose to destroy themselves. The survivors thrived.

[@ChrisSMurphy1]

Roubini predicted an economic collapse for the last decade...he never predicts global growth. I’m not sure why he’s still taken witH such credibility

[@myaccount74]

If you look at numbers the raw gdp growth for the past 5 years has been lower than the public debt growth alone. So there is no real economy growth, only growth funded by the growth of debt.

[@VFatalis]

Chris Murphy He predicted the 2008 crisis and explained how it unwinded. The reason he doesn't predict growth is because there will be no growth at all. Economic growth is directly correlated to oil consumption, and we past peak oil in nov. 2018. From now on growth can only be obtained with debt.

[@ChrisSMurphy1]

My Account fair point, but Again a true economist doesn’t just predict global doom. Just cause he got it right once in 2008 doesn’t make him a great predictor of future growth.

[@orangequant]

hahaha- 16:43 "either way, we're in a trap"

[@buzzpedrotti5401]

Work hard and save.

[@mareksniknais5415]

bitcoin

[@buzzpedrotti5401]

@@mareksniknais5415 good luck with that.

[@neilwalsh3977]

Maybe our 'growth obsession' is the problem?

[@Notrocketscience101]

Of all the predictions, V, L, U, crash, nobody got the right one, like a rocket!

[@vadinho4321]

So basically he is predicting a "reverse N" recovery...

[@mikkokarkkainen2807]

ROTFLMAO S&P 500 going to 4000 🤑

[@jc.1191]

I hope not for a while, I need to invest way more money first! Lol

[@chinhau8702]

Honest people do that... Barking dogs prefere distortions..

[@Mayeverycreaturefindhappiness]

He doesn’t understand ai

[@Resologist]

Amazing, but the "hard truths"? Instead of a pointless 28-minute interview, maybe ask some concise questions, get his answer (not rambling babble-speak), and it would only take 5 minutes!

[@DrTune]

? Lots of info there. Did you want three word answers?

[@animalfacetees5360]

Doom dude is wrong a lot

[@ef3371]

Good interview with good questions. Marred by a slightly rude and condescending interviewer (- but then she is British). Roubini is quite brilliant.

[@oliviawoods5418]

?? I think she is an excellent interviewer, respectful and helpful.

[@denissmith3658]

You said the stock market was having a dead cat bounce, well well it went all back up, you missed the call, you should admit you were wrong. Yes you said a few months ago we were going into a depression, now you moved the goal posts back again.

[@AS-iu3pl]

I'm curious to see how well your comment will age.

[@denniscosban6145]

I will gladly pay twice the average daily wage. People need money to buy my automobiles. Henry Ford.

[@angusm9419]

He's sugar coating things. Fact is, this is SHTF and things are gonna get real.

[@georgefolgers8731]

Nobody mentions this , this will be inevitable but a reality Wait till the hospitals start filing bankruptcies, these hospitals absorbed the finanacial burden of the virus, the hospital bankruptcies this will happen 8 - 12 months from now . No fault to them, the big national hospital bailout to come.

[@angusm9419]

@@datdude8878 It's already happening. Bankruptcies (personal AND corporate) are skyrocketing. Phony numbers from the government mask the real circumstances. Save your money!

[@ggg-oj4hs]

nothing new, man in street knows this muck of yotube.

[@SammyC27]

oh not this doom and gloom marketing guy again. but at least he mentions climate change. fossil fuel economies are fxxked.

[@renehernandez558]

I didn’t understand a word you guys said and I’m smart. Are you guys catering to esoteric people. Listen to what you guys are saying you guys make no sense.

[@Yomamaissoo]

Roubini looks like he just finished one of his parties with his models.

[@johnpaulspeedsktr]

How many econ profs are billionaires? Asking for a friend....

[@Expatsunleashed]

Not everything is measure by the size of one’s bank account.

[@idontwantahandlewhymustidothis]

@@Expatsunleashed A classic fallacy constructed by capitalism, equating success to income

[@PhilippeOrlando]

Please, that guy talks as if he had a crystal ball! I'd listen to him if he was a tiny bit more nuanced and humble, but he's so full of himself, like most economists. Couldn't go pass 6 minutes

[@mrzack888]

17:15 to 17:45 very racist transition