Monty Pelerin's World

Economics, Finance and Politics Through The Prism of Classical Liberalism

Roubini as Not Keynes

Roubini as Not Keynes

Nouriel Roubini, Turkish economist, professor ...

This video really highlights how far out of consensus I must be.

It’s been a while since we posted any Nouriel Roubini content here and, as I sat listening to the video below, all I could think was, “that makes sense,” “I’m with you on that point” and “bingo!” Then I hear the clucking from the CNBC hosts – guest or otherwise – about how these theories simply cannot be true. Theories that seem so obvious to me.

They contend that Nouriel is ignoring the evidence of recovery all around us. I feel like taking the little video player and shaking it… hello CNBC hosts, COST-BENEFIT analysis! Do you realize you are celebrating bounces off of multi-decade lows? Bounces that cost a few trillion dollars worth of stimulus/handouts/morphine to engineer? And yet they are still extremely limp? We are citing 33.4 hour work weeks as recovery when all-time lows are 33.2 hours? Is the logic just that “you need to start somewhere?”

Gosh, I can only imagine the outright cries of joy when the census workers …. [To Continue Reading]