People speak of black swans – events of major consequence that seem to come out of nowhere. But according to economist Nouriel Roubini, financial crises are really “white swans,” foreseeable accumulations of stress on a financial system’s fault lines, in which a single incident can set off a catastrophe. In this incisive article, Roubini – who foresaw the 2008 global financial crisis and whose generally pessimistic take on markets has earned him the sobriquet “Dr. Doom” – describes some blatant problems looming for the United States.
About the Author
Nouriel Roubini is a professor of economics at New York University. He is the co-author of Crisis Economics: A Crash Course in the Future of Finance and of Bailouts or Bail-Ins: Responding to Financial Crises in Emerging Markets.