'Dr Doom' Roubini predicts double-dip slump for Britain

[CHIMO]

Britain could be plunged back into recession by the "double whammy" of public spending cuts and rising interest rates, according to Nouriel Roubini, the economist known as Dr Doom for predicting the global credit crunch.

Speaking in London , Roubini said there was at least a 50-50 chance that Spain would become the next country to need a multibillion-dollar bailout and warned that the world will be wrestling with the legacy of the financial crisis for years to come.

"The sovereign debt issues in advanced economies are going to be severe and significant and they're going to be with us for a long time," he said at a seminar organised by the London Business School.

He singled out the UK as one of the countries that would be hit hard by the renewed rise in oil prices caused by unrest in the Middle East, and predicted that the Bank of England could raise interest rates in the next couple of months – with potentially disastrous consequences.

http://www.guardian.co.uk/business/2011/mar/11/roubini-double-dip-recession-warning

[DJ13]

1. Austerity comes at the cost of consumer spending

Anyone who doesnt understand that should go to work at the IMF.

[jacquelope]

4. Exactly! n/t

.

[ixion]

2. We're staring down a long patch of rough road

and it ain't gonna be pretty.

[PassingFair]

3. They should call him "Dr. Reality" not "Dr. Doom".

He tells the truth and they call it doom.