NOURIEL ROUBINI: Capitalism Has Hit A Crisis Point, Global Unrest Will Spread...

[stockholmer]

http://www.businessinsider.com/roubini-revolution-will-spread-2011-8

NYU Professor Nouriel Roubini has moved beyond predicting catastrophic economic downturns. Now, he's saying that capitalism itself is threatened. He also thinks the uprisings that have roiled countries from Asia to the Middle East to Europe will soon spread. http://www.globes.co.il/serveen/globes/docview.asp?did=1000675191&fid=1725

"Recent popular demonstrations, from the Middle East to Israel to the UK, and rising popular anger in China - and soon enough in other advanced economies and emerging markets - are all driven by the same issues and tensions: growing inequality, poverty, unemployment, and hopelessness... Even the world’s middle classes are feeling the squeeze of falling incomes and opportunities."

Roubini went on to say that capitalism is undergoing a crisis that Karl Marx predicted a century ago, driven by an ongoing transfer of wealth and power from labor to capital (in other words, from poor and middle-class people to rich people.)

Roubini thinks the answer is:

More stimulus in the form of infrastructure investment
Increased taxes on rich people
Debt reduction
More regulation of the financial system
Central bank guarantees
Breaking up big banks that are "too big to fail"

snip

[Tierra_y_Libertad]

1. You can fuck all the peope some of the time, all of the people some of the time, but you can't fuck

all of the people all of the time. And, expect them to take if forever.

With apologies to A. Lincoln.

[ixion]

2. Roubini has been on top of this since before it happened

but has only been referenced by the MSM after the fact. I think he's spot on here, too...

[blkmusclmachine]

3. This is the culmination of 30 years of planning:

None of this is by accident.

[Hydra]

5. More than 30 years

The 1930s depression was planned too, and FDR fouled that up by rebooting the system.

This plan is over 100 years in the making. How it plays out is anyone's guess, but it's an all in bet.

[roamer65]

15. Delete.

[hifiguy]

23. Not so sure about that

The current catastrophes are all the result of the ideas of one man, probably the single worst person of the last hundred years: Milton Friedman. And no I am not forgetting about Hitler, Stalin, Mao, Pol Pot or the Kim family. Milton Friedman has done more to destroy the world than any of them.

[stockholmer]

6. much much longer than 30 years, for the USA the time delay death-blow was in 1913 (US Fed Reserve)

It is also much older than that.

The City of London and the Euro bankers (nowadays with their US subalterns as the world-directed attack dog) have been planning this consolidation since the Elizabethan era. They use the collective empiric knowledge gathered up from the study of over 6000 years of human civilization, which was then distilled into a scientific dictatorship control schema of the monetary system, and from that military events that destabilize, kill, and further consolidate global wealth and power.

[elleng]

4. He's correct, imo. Also said this:

Marx Was Right. Capitalism May Be Destroying Itself.

http://www.alternet.org/newsandviews/article/649635/mainstream_economist%3A_marx_was_right._capitalism_may_be_destroying_itself

[TacticalPeek]

7. What he said.

The only thing more painful than how obvious this is would be how long it has been so.

[sabrina 1]

8. He should be on the President's economic team.

Along with Galbraigh and Dean. But so long as Goldman Sachs is influencing our policies, Roubini's predictions are probably going to come true.

And that begs the question as to why a Democratic president would be listening to those who created the problems rather than those who saw it coming and issued warnings in time to do something about it.

[Kaleko]

17. Professor Michael Hudson explains why Obama

has appointed Geithner and Summers to continue the biggest heist in history in a video here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x610961

Paraphrasing one part of Hudson's interview: Obama is an adherent of the Chicago School of Economics and was chosen as the winning candidate because only a Democrat could deliver the democratic and progressive constituency to Wall Street. He was a pied piper and performed a feat which no Republican would ever have been able to accomplish.

[Rex]

9. Well when you gather all the peas and give them to a sliver of society

the other 99.9% get hungry and start to ask questions. QUESTIONS are dangerous to all govts around the world.

[malaise]

10. Duh!!!

Ask Prof if he hasn't noticed that Cameron is finding prison space.
Fascism is here.
The 19th century is back.

[TacticalPeek]

11. UPDATE: Nouriel weighed in on Twitter to say that this is a hyperbolized summary of his thinking

UPDATE: Nouriel weighed in on Twitter to say that this is a hyperbolized summary of his thinking and provided a link to his original article, which is on Project Syndicate. The article is entitled "Is Capitalism Doomed?".

http://www.businessinsider.com/roubini-revolution-will-spread-2011-8#ixzz1VhHSPvi8

[TacticalPeek]

12. Roubini article link.

http://www.project-syndicate.org/commentary/roubini41/English

[girl gone mad]

18. ...

A hyperbolized summary of his article entitled "Is Capitalism Doomed?"

:rofl:

[kenny blankenship]

13. Thank God It Will Pass!

So long, Vampire Squid.

[OHdem10]

14. Not just Roubini, I can remember reading in different papers

that there would be unrest like we were seeing in Greece
and UK(MSM have not shown many videos of UK) throughout
the world including the U.S.A.

[roamer65]

16. Roubini is right.

Every word of it.

[Doctor_J]

19. The Oligarchs will probably flock here

There may be unrest elsewhere in the world, but the US proletariat has shown itself to be weak, stupid, lazy, and ineffective. We'll never fight back against the real enemy - Cable "News", Hate Radio, and the rest of Big Media.

[ZombieHorde]

20. ...

[immoderate]

21. Roubini is only right up to a point. We don't need jobs.

I don't see where Roubini accounts for the problems created by consumerism and automation. If the economy depends on everybody buying shit they don't need, especially when it becomes garbage, as it must, we are in trouble. As people are replaced by machines most people will be superfluous. Even management. It's happening now.

It may seem like science fiction (it once was, like "communicators") but how do people make a living where all or most of the work is performed by machines? :shrug:

--imm

[hifiguy]

22. Roubini, Krugman, Stiglitz and Galbraith

have been pretty much right about everything for the last ten-plus years. And Marx has been right for 150 years now.

The end is indeed nigh for the capitalist model.

[sfpcjock]

24. Capitalism is clearly a fraud.

As soon as you let vast accumulations of "funny money" style wealth to drown the political system, resulting in corporate socialism, corporate welfare--what Nader calls "crime in the suites"--then it is just that--socialism. It isn't capitalism. Capitalism is like Japan and Germany where 160 MB internet access is $30/month because companies MUST compete. These are countries chartered by America after WWII.