US Economy Facing Death by a Thousand Cuts Roubini

[ChargerXL1]

Well goodnight China I mean America!!

[Dandaniels1978]

October 2010 and USS Titanic is filling with water faster than it's being removed

[rheographics]

he's got the.. "you can't bullshit me" face

[equsnarnd]

Roubini is a hack if he thinks Bernake should have been reappointed and that his actions led to stopping a great depression. If he thinks that he knows nothing of the economy - because of the actions of the Fed and Bernake we are headed into the collapse of the dollar. And this idiot thinks the Fed obligating us to trillions of debt was a good thing? Time will prove him very very wrong, unfortunately.

[TWSceptic]

@equsnarnd I agree, but he probably meant in the short term Bernanke prevented a large recession, but of course we know there is going to be an even bigger collapse, thanks to Bernanke. I certainly hope Roubini understands that too. ;)

[equsnarnd]

@TWSceptic I wish he did but think he doesn't. Another man with a lot of keen insight who fails on this point is Niall Ferguson. They are, understandably, fearful of riots in the street if things collapsed but it takes a lot of eyes closed tight and fingers crossed to think that there is some magic bullet and that we can spend our way out of the structural mess created by the welfare/warfare mentality across the globe.

[tonybonez]

Systemic risk according to who---the banks themselves, that is the problem!

[MOPEDBRAD]

@Keitai5263 I think America & China could fuck each other back into the stone age...

[mattmatt115]

HAHA

Just wait until the inevitable happens

When the banks come calling for their property when you default on your mortage, when you cant pay your credit cards, your loan, line of credit, your investments are in an abandoned currency. Whats next? Well if it happens on a large scale which it will because Americans live on credit, the banks who pull most the strings in our government, will use the military they own to come get our property to be sold to the new world, as they "rebuild" the US

[hmj8786]

only if you knew what was really happening. the last real president we had was JFK ! i wonder why he was assassinated hmmm???

[thomasmoonman]

silver backed money. he released about 4.3 million into circulation..he almost succeeded in destroying the FED....almost...

[phillipgaley]

@thomasmoonman Hi, who was it that, "released about 4.3 million into circulation"?

[thomasmoonman]

@phillipgaley  JFK

[phillipgaley]

@thomasmoonman Well, although we don't know who killed him, but yet, if money is any moving force in politics, maybe, he was kind of destined to die because, in ordering the treasury secretary to print US notes--non-interest bearing currency, currency which had not been borrowed into circulation through THE FED, and as such, began to displace the federal reserve note--the bankers felt that, he had reneged on the US commitment in the national bank act--Lincoln did the same thing.

[miras202]

The US is that's why borrowing money in such amount because they know that some event is gonna happened in near future. The whole dollars are being spend for underground facilities in Denver Airport for example. There is no possibility for the US to return such huge amount of money, it is just not possible, deal with it. Or excuse me there is one, a global WAR, or WW III but who would dare to attack the USA? Who had the military strength, and economical balls to do it? China? don't think so...

[hmj8786]

china has a population of 1 billion that out numbers the US army single handedly and im sure easily 200 million would be used for war. the us population is a little less than 300 million. china would murder america allied with india and russia. you have to remember these 3 countries have been trade partners since the beginning of trade.

[spectre1929]

the media is important because democracy is important and people need to know what is really going on ?Looking only at the civilian population of 237 Million, with 138 Million working that's a 41% overall not employed rate where 99 Million eligible workers are not employed. Consider that the 138 Million are supporting the US population of 305 Million.hyperinflation,tax revenues disapearing ,some recovery ?this is not what the media is telling you ,so what about democracy ?

[MrPhotodoc]

the "crisis" is managed by the banks. They OWN the money and will do ONLY what they want.

[miras202]

to create enslavement

[wtfbroskie]

what? you have NO idea what you are talking about. america does not produce anything for the world. its borrowing money from other governments around the world to kill people in iraq and afghanistan. we never pay our debts back. not only that it was because of the government in the first place is why we had a housing bubble, and the recessions.

[nrg1901]

omg you're so misinformed.

[junevi2000]

The US dollar is sure to collapse. The no. 1signal is zero interest rate. Super-inflation is a sure thing too, because the dollar value is going down compared to other currency and to commodity like gold. If there is deflation, dollar value should be up, but since it is going down what is happening is inflation.

[junevi2000]

You can sense his disappointment.

[danben72]

Finally one sane person (NR) on the screen. People are real dreamers and considering Lehman as the cause of the crises just show how fucked up all those talking heads are disguised by the talking points of Helicopter Ben with his cronies Obama et all. America you are totally fucked!

[bnash2002]

the hosts are arrogant liars

[psion128]

This stuff is real. They really put a realist on here that isn't pushing us to get in debt and make things worse. MSM finally did the right thing for once.

[Straightsix76]

dont worry, the jobless recovery is here

[vimzibaiegh]

The USA Govt, will not allow another "Lehman." Overall- Good speaker and I appreciate the personality, but Mr Roubini is after all a protege of the NAR. I take some of this with a grain of salt.

[Dandaniels1978]

LOL @ 6.26 listen to the response of the interviewer. Err Hmmm!

Totally fucking flawed by Roubini lol

[prepare2008]

wow Roubinis getting really agressive! this crises is even getting to him now! ive never seen him like this lol. cant wait to see these guys when the dollar finaly goes!

[putittogether]

He is a FOOL. At 6:15 he agrees when the Feds actions and the bail outs. Fool.

[sugarpuddin88]

Bernanke, Geithner, Rubens, Summers, Goldman Sachs, JP Morgan & the Federal Reserve Bank know exactly what they are doing by collapsing the US Dollar:

The purpose of this financial crisis is to take down the U.S. dollar as the stable datum of planetary finance and, in the midst of the resulting confusion, put in its place a Global Monetary Authority [GMA - run directly by international bankers freed of any government control] -a planetary financial control organization" - Bruce Wiseman

[AtheistThatsATheist]

He give him credit that Ben Bernanke has avoided another great depression? He approves his reappointment?

Ive only been studying economics for over a year and already ive learnt enough to know thats bullshit.

I aint read it yet(but ive read loads of others) but Thomas E Wood's book Meltdown is an amazing read. It explains this crisis and wont give you any doubt whos to blame

[GSDebunked]

haha yeah, i was thinking hmm is this guy dancing around the truth?

Then he said that bernanke has avoided a great depression and supports his reappointment... LOL whoa no wait a minute

[AtheistThatsATheist]

Yeah and were in the calm before the storm. Suppose i cant blame it on bernanke. After all we now have Mr "just call me FDR" Obama in charge. Him and his new 'New Deal' and massive expanstion of government is making things worst.

Also interestingly FDR ordered farmers to burn crops and slaughter animals in order to raise their prices. Obama not only destroyed cars, but taxed Americans to do it, then offered some of that tax as an incentive.

Its like theyre destroying wealth in purpose.

[AtheistThatsATheist]

I heard Jim Rogers and someone else come up with a brilliant plan.

And we need to get this plan heard by the people and in media somewhere.

And of course government needs to be talking about it.

Simple plan is to force the banksters to take CDFs as bonuses. Let them have the 'toxic assets'!

Mark to market wont even get a look in, theyll be undervalued rather than over valued! But at least then theyll be closer to the true, honest value!

[mikeythepussyfag]

LOL. now you have to resort to trolling and disabling ratings on your videos to make yourself look good. your crediblilty has long been in shambles. STFU already, douchbag.

[dsglop]

So you avoid commenting on my points- which, judging by the comments, people agree with- and talk about the fact that you can't neg rate my vids. Ya know why you can't neg rate my vids? Because I knew you people would discredit yourselves by avoiding facts and whining about not being able to neg rate me.

[reiser999]

All Bernanke, the Fed and the Treasury did was delay the inevitable. There is inherent inflation built into the system. That $600 trillion worth of derivatives or so was never counted as inflation according to the Fed. The use of these derivatives allowed banks to lend when they otherwise would not have been able to as their tier 1 capital ratios were already maxed out. OTC derivatives are also used to prop up the entire US Treasury market by keeping yields low, and therefore prices high.

[zeusvalentine]

the commercial real estate is the next to fall.

[Paetaor]

And what foreign countries will buy bonds at 1% or less when the dollar is going to drop by 5%? (or whatever the numbers will be)

6 months ago the dollar was about 15% higher and the bonds paid about .75%.

I am sure that the Chinese were not happy to get their $X Billion at the auction just to lose 15% of it.

[zinkerled]

You know Roubini is speaking the truth when his right eyebrow is cocked (all the time).

[elboertjie]

haha, at 6:27 the CNBC guy did not know how to respond or to answer. Fantastic!

[paul8kangas]

Michael Moore's new comedy, Capitalism, came out just at the right second.

[spanishaustralian]

is this a new film he has released?

[Isawanangel1X]

nice to see roubini being acknowledged by schiff, great minds think alike

[JP5466]

I agree with much of Roubini says, but I think housing prices will fall at least another 25-35%. I do not agree with his socialist views either.

[Isawanangel1X]

i'm not sure he's socialist he's just saying how IT IS

[realkingkado]

Well looks like the spoilt generation are in for a rude awakening and well diserved for being cowards, i suggest you learn Asian languages so you know how much money they offer you for a blow job

[traynickel]

Nine minutes talking numbers bullshit and not one mention of employment or unemployment. Without jobs everything collapses in a consumer economy.  I know that and I'm a Janitor

[82abhilash]

Roubini thinks it is going to be death by a thousand cuts? One cut is enough, the destruction in the value of the dollar. Everything else will follow. Also he gives Bernanke credit for preventing a depression. Well, he has only postponed I think. Like Peter said, when the Feds tried to prevent an IT bubble then there was a housing bubble. When the Feds try to prevent the housing bubble, will there be a dollar crisis?

[rangeyer]

Sir you are absolutely correct....now try to educate your friends and family who probably think you're a dope (like mine do!)

[82abhilash]

Fortunately for me, my family does not think I am a dope.

[Isawanangel1X]

no, it was their opportunity to socialize the banks and they did it on the taxpayers backs now how long is it gonna last before they're out

[82abhilash]

One maybe two years max.

[freelily36]

What do you think will happen in 1-2 yrs?

[82abhilash]

US dollar will severely weaken initiating another economic crisis. America will be unable to import stuff from the rest of the world. Many of the debts will remain unpaid, defaulted even. People will be eagerly waiting for the next President who they hope can fix things. There will be a very painful transition period after which Americans will start making things once again. Unless they try taking the easy way out, like they did here:

watch?v=TRgRz3nSG7o

[kja5]

You hit the nail on the head. Just to add one thing: all of the currently unemployed Americans will foreclose on their houses and no one will be buying them, which spells disaster for banks all across the country. And on top of that, next year nearly every state in the country is going to be running huge deficits, and could very well ask the Federal gov for bailouts which would just perpetuate the problem.

[thefullmonte2003]

shadow banking system?

[linux23dragon2008]

Shadow banking is all gone? What?

[StigmataBOB1]

Something Big going on.

[thetimman00]

Banksters need to move into bunkers, or out.

[KOPYMEH]

Roubini sounds like Dracula.

[subjer0]

Yeah maybe they wont kill us in an economic explosion, more like they are going to kill us economically very very slowly. Just great.

[smasila]

I have noticed more and more analysts saying the same thing as Peter Schiff has been saying for years. Death spiral for the market is happening. Most people are still in denial like on CNBC.

[ragratt]

that or they are just getting more coverage

[jasoncutbirth]

This dude knows his shit

[Esoteric604]

Worst interviewer ever. Can't talk. Doesn't know how to mute his mic when he sneezes. Who dug up this failure?

CNBC is such garbage for business.

[rmcnnlly]

Bring back true Free Markets and watch the bankers lose their Lamborginis, Penthouses and lodges. But we have a "Fixed Economy" that benefits the elite. They get bailouts at our expense: unemployment, foreclosures and inflation.

[D4Shawn]

This guy is right about the fact that our economy is in trouble, but wrong about everything else. :)

[gazoorap]

the movie blue max

at the end

george perpard is flying a plane that loses a wing and you just hear a plane screaming towards the ground

sounds like our econmy

boom the end

well be late for lunch

hahahahah

[Jaycephus01]

Did Roubini say that "most of the shadow banking system has completely dissappeared, there is no securitization, there is no credit growth, so how is the economy going to grow?"

Isn't this just simple-minded fiat-money-magic Keynesian idiocy?

[erikslapp]

Goldman Sach's is a major part of the problem as is JP Morgan. These two companies are bought and owned by crooks. All the scumbags come out of Goldman Sachs look at Hank Paulson what a loser!

[overseachininadoll]

Wall street means "GREED." So is the the American society and the people, the US government, the politicians, the mortgage brokers, the home buyers house flappers, and the big spenders of other people's money. America is doom by the excess Greed disease from top to bottom. The whole herd and the shepherds are all bad and sick. The culture is decaying and too many the people are corrupted and easily be corrupted. check out this book by John R.Talbott - "Contagion:

[Lingerfoot]

Very well said!

[ramusling]

Not only that. These crook-owned banks control the US government through lobbying......

[InTheSticks1881]

He believe the odds are low that there could be a dollar crash...And what would he say would be the effect of the dollar loosing it's World Reserve Currency status? What are the odds that will happen?

[odin422]

this pserson on the left is FULL OF SHIT

[flagship21]

The host is not my favorite

[frontier1701]

Of course he is full of shit... its CNBC

[Izakokomarixyz]

Didn't Roubini say in March that he didn't think there would be a depression?

[JackNeedles]

The recasting of these Option Arm and Alt-A mortgages alone will be a huge blow to this economy. The comemrcial real estate collapse will for sure make the banking system crash again and will kill the small banks. To say the recession is over is just stupid. Instead, we should be asking how bad this depression will get.

[Azbx23]

Lehman was Goldman's biggest competitor. How fortunate for Goldman, eh?

[deadman12078]

In america. First you get the sugar, then you get the power. Then you get the woman.

[bowtie728]

rubini is a statist hack

[bdc03]

yep, he's a sideshow. but he might wake a few ppl up.

[Zeldovich]

Roubini recommended being in dollars just before the meltdown last year. Schiff recommended foreign stocks and commodities. The dollar appreciated by 30% in three months and commodities and foreign stocks collapsed. Whose predictions do you put your money on?

[ShaddowSwordX]

Schiff

With our rasoning you not only need to know what to buy but also when to get out. Matching up both of those is much more dificult then buying forreign stocks which now are higher then US stocks

[Zeldovich]

Look up Roubini's predictions for yourself. He has been far more accurate than Schiff.

[Severneson]

Schiff is a long term investor. He doesn't forecast for the short term.

[chromedreamz]

yes Shiff is long term, heard him on his wed broadcast recommending a 70 yr old lady to get out of the dollar.... Last yr... great one, god hope the poor lady didnt listen

nonetheless, I am a fan of Peter (and Paul) R paul,  long long term

[johnandamanda123]

agreed .but what makes them so smart. and why do plenty of other republicans hate them; and dems not listen. I am independent and dont understand the 2 partys at all.

[Zeldovich]

Right, terrible short-term investment advice. The elderly or those near retirement can't afford huge short-term losses, although Schiff's long term strategy might be very good.

[trevormac77]

schiff has never claimed to be good at predicting and admits he didn't see the dollar's rise coming. I think his companies stocks are doing quite well now.

[OntologicalQuandary]

the dollar hasnt risen at all, what kinda crack are you smoking

[trevormac77]

we're talking about last fall genius.

[OntologicalQuandary]

yea.. ok.... I am sure you are such a brilliant investor that you could see a 3 month rise in the dollar and then get out before it crashes....

[trevormac77]

You're the one who started off with the smart ass remark, so expect a smart ass reply. I'm doing just fine thank you. I live in Canada for starters which beats the hell of living in the US right now. I bought large amounts of gold and a very large amount of oil stock in march when it was 35 a barrel and my home is payed in full. I'm smart enough to listen to guys like Max Keiser and Peter Schiff, Ron Paul and Jim Rogers and Gerald Celente.

[OntologicalQuandary]

All I hear was "eh eh I am from canada eh!"

[Zeldovich]

I guess you didn't track the 30% appreciation during the meltdown last year. The dollar has since fallen, but as asset prices collapsed and the dollar appreciated, there was more real purchasing power to buy those already cheap assets.

[Zeldovich]

Are they higher than they were last August?

[trevormac77]

I don't have anything invested with Euro Pacific but Schiff has been saying that many of his stocks have bounced back 3 to 400 percent.

[zappos49]

I just invested with Schiff.

[Zeldovich]

Yeah, riight. You don't really think critically, do you? Why would his stocks appreciate by 300-400% during the worst recession most countries have seen in at least 25 years? There are no fundamentals for that. You should actually check his recommendations before making ridiculous statements like that.

[trevormac77]

because, they went down 80% sympathetically in the crash. He doesn't buy stock in the US. He's in better markets like Asia, Australia and Canada. Why did the Canadian dollar go down 20% in October when we had a budget surplus, small debt to GDP ratio and no bank failures? Now, the Canadian dollar has rebounded against the US dollar or the US dollar has slumped against the Canadian dollar the way it should be. He likes commodity based stock, because exploration stops in a downturn so that

[trevormac77]

even if demand falls for resources, supply falls off even more. Jim Rogers has stated that during the Great Depression commodities were very expensive for that reason. That's why he mainly buys and holds commodity based companies and gold. Demand only fell of 3 or 4% for oil last year and now there's very little exploration for it. The US is going to be destroyed by this, but eventually countries like China will shift to domestic markets to replace lost sales to the US.

[Zeldovich]

Commodity prices collapsed during the Great Depression, which was a target for the inflationary policies of FDR. You might want to actually learn the history and not just trust some old, over-the-hill investor.

[Zeldovich]

That's misleading though, because in that case you can have 300-400% appreciation, but still be way behind with respect to the initial investment. It's the smart money that got in after the crash, which was in cash, that realized returns like that.

[dlmaniac]

... and gold has been back to 1000 high while Dollar is a steady down since March high from 89 to 76 on Dollar index. So who about now?

[Zeldovich]

"So who about now?"

Can I get an interpreter? Preferably one who's schizophrenic.

[chromedreamz]

i agree, (you) going against the 'shiff' style predictions is unpopular, but when/if the DOW collapses 20%+ and 'therefor' dollar gains and Gold /silver collapse, we sing the same old song, a market collapse will bring same result, pick your 'poison'

[whiskerchild]

wouldn't gold/silver go higher? The dollar, and other fiat currencies would be collapsing, leaving only gold/silver to retain wealth?

[Zeldovich]

That would happen after the run up of the dollar and the collapse of asset prices at levels we may never see again. Those were the best profit opportunities of my lifetime.

[tooltalk]

um.. I don't think it matters what YOU think - the dollar index is 76 and trending downward. With Obama's fiscal and monetary policy, there is no way to unwind it in graceful manner - much less time it. The timing issue is so much difficult for folks like Bernanke who already lost so much credibility when he missed all the early warning signs of the crisis years ago. As Anna Schwartzs pointed out correctly, his ad-hoc short-term fixes will have dire consequences in the long-run.

[Zeldovich]

Policy makers have to lie about the threat of a recession, so as not to lead to self-fulfilling prophecy.

[tooltalk]

sound like a true liberal - blind faith in infinitely wise gov't. After all, Bernanke's PhD from MIT must mean something, right? (as Rowstow's was at one point).

One of Milton Friedman's grief with the Fed was that the Fed had so many economists (not to mention their PR machine and the left-leaning Keynesians)on its payroll who often mischaracterize or hide their ineptitude and fckup's. It took nearly 60 years for the Fed to come out and apologize for their mistakes (Bernanke in 2002).

[Zeldovich]

It's basic economics. If you depend on the government for economic forecasts, you're a fool.

[Dandaniels1978]

My friend, it is that type of optimism and arrogance that I do admire, although I would have to question your belief that Roubini provides "No insight or macro analysis"

When the Sterling collapsed as the reserve currency along with Great Britain, there was a famous speech circa 1914: A Great Power Turns to a "Brave Little Kingdom" I can assure you from 1914 onwards poverty in the UK gradually became unbearable. I asked my grandmother who is 90 and lived the experience.

[ardizd]

these keynesian morons still don't get it,,, Bernanke has already caused the greatest depression which started Feb 09... he's only delayed the depression.

[thane17]

Yeah i'm much more on line with Schiff's predictions than Roubini's. The government can continue to do bailouts so there isn't a rapid failure of the financial system but those bailouts are going to be with printed money and that alone can trigger the fall of the dollar. So what he's saying is likely will lead into what he is saying is not likely.