Review of Crisis Economics by Nouriel Roubini.
If you are a candidate for public office and could be in a position to write or vote for legislation on financial reform, this book is a must-have. In particular, chapters 8 and 9 have specific recommendations that are easily translated into a legislative bill, and I agree with all of them.
The author acquired the nickname Dr. Doom because, for years, he warned against the financial meltdown of 2008 and about the severity and long-lasting effects it will have. He was widely ignored and even ridiculed; not anymore. Today, he is well-regarded as a visionary or a sage, and his voice carries weight.
Many have written about the financial meltdown, but Dr. Doom is one of the few people who has, in my opinion, correctly analyzed the current financial crisis. Far from being a once-in-a-lifetime occurrence, he has pointed out that these type of financial panics occur regularly in capitalistic, western countries: they have happened many times in the past, and shall certainly happen again. His perspective is a historical one, and the old saw that ‘those who ignore history are doomed to repeat it’ comes to mind.
Particularly unsettling is the last chapter, Outlook. The good doctor foresees a rather rocky economic road ahead for the US and the world. It is a good bet that the next financial collapse will come from one of those listed by the author.
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