Unemployment, economic insecurity and growing inequality between rich and poor are already problems in most of the world, Roubini observes, and a major change in policy priorities is needed.
Perspectives
Doom Economist Warns: Iran Conflict Could Spark Global Recession
(Sheeple Editor’s Note: Because there’s no economic recession yet)
Economist Nouriel Roubini says that a conflict with Iran over its nuclear program that involves Israel, the United States, or both could drive oil prices to $150 per barrel and lead to a global recession, MSNBC reports.
Unemployment, economic insecurity and growing inequality between rich and poor are already problems in most of the world, Roubini observes, and a major change in policy priorities is needed.
“All these things lead to political and social instability,” Roubini says.
“So we have to reduce inequality. We have to give growth to jobs, skills, education, and increase human capital so workers can compete,” says Roubini, who teaches at New York University’s Stern School of Business and is the chairman of Roubini Global Economics, an economic consultancy firm.
“We have to shift our investment from things that are less productive like the financial sector and housing and real estate to things that are more productive like our people, our human capital, our structure, our technology, our innovation,” says Roubini, who anticipated the collapse of the United States housing market and the worldwide recession which started in 2008.
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