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http://www.businessinsider.com/roubini-says-eurozone-less-worse-2013-1
Here's the full transcript courtesy of Bloomberg TV:
On the definition of a G-0 world:
Roubini: It was never G-7. We pretend it's G-10. It was always G-1. The leader, Germany, was to provide the global public goods, security, free trade. Now this power is declining in terms of relative terms of the United States. We have rising powers like China, Brazil, India and so on. We live in a balance of power. The balance of power with conflicts of interest with goals being very different, you cannot reach agreement on fundamental economic and geopolitical issues. It is a more fragile economy because interdependence implies that problems are global, but policies are national. Coordinating among different countries will be increasingly difficult. It leads to political, economic and financial tensions like currency wars that can lead eventually into protectionism.
Roubini: I say they are less worse than last summer in euro zone. Tail risk has been reduced…The fundamental problem is, look at look at the unemployment numbers in Spain today, rising even further. They are really shocking numbers. The fundamental problems in the euro zone is the lack of grown, continued recession, of debt sustainability, lack of competitiveness, remain.
On the political risk in the United States:
Bremmer: The political risk in The U.S. is that unlike the fiscal cliff that we weren't going to go over by virtue of removing the debt limit and kicking that down the road, you have actually made it more likely you have a real smaller crisis on sequester.
Read more: http://www.businessinsider.com/roubini-says-eurozone-less-worse-2013-1#ixzz2Iu8GgVJb
Here's the full transcript courtesy of Bloomberg TV:
On the definition of a G-0 world:
Roubini: It was never G-7. We pretend it's G-10. It was always G-1. The leader, Germany, was to provide the global public goods, security, free trade. Now this power is declining in terms of relative terms of the United States. We have rising powers like China, Brazil, India and so on. We live in a balance of power. The balance of power with conflicts of interest with goals being very different, you cannot reach agreement on fundamental economic and geopolitical issues. It is a more fragile economy because interdependence implies that problems are global, but policies are national. Coordinating among different countries will be increasingly difficult. It leads to political, economic and financial tensions like currency wars that can lead eventually into protectionism.
Roubini: I say they are less worse than last summer in euro zone. Tail risk has been reduced…The fundamental problem is, look at look at the unemployment numbers in Spain today, rising even further. They are really shocking numbers. The fundamental problems in the euro zone is the lack of grown, continued recession, of debt sustainability, lack of competitiveness, remain.
On the political risk in the United States:
Bremmer: The political risk in The U.S. is that unlike the fiscal cliff that we weren't going to go over by virtue of removing the debt limit and kicking that down the road, you have actually made it more likely you have a real smaller crisis on sequester.
Read more: http://www.businessinsider.com/roubini-says-eurozone-less-worse-2013-1#ixzz2Iu8GgVJb
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