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| Mail von Roubini |
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| Donnerstag, 16. Juli 2009 | |
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Eine Mail mit einem leicht säuerlichen Unterton von Nouriel Roubini
wurde kurz nach Börsenschluss an die Abonennten versandt, bei dem er
darauf hinwies, dass das, was die Medien schreiben, dass er gesagt
haben soll, so nicht gesagt habe. Deshalb sagt er jetzt noch einmal,
was er schon lange sagte: Die Rezession endet nicht vor Ende dieses
Jahres und dann geht es im besten Fall ganz langsam aufwärts, es kann
aber auch schlimmer kommen. Jetzt schauen wir zuerst einmal, was die Medien so schreiben. Dazu habe ich Google nach Roubini suchen lassen und ausgespuckt wurden folgende Börsenkommentare... Wall Street schließt fester - Roubini-Aussagen stützen Der prominente und angesehene Volkswirt Nouriel Roubini riss den Aktienmarkt am Abend aus seiner Lethargie. Dr. Dooms günstige Prognose zur Wirtschaftskrise Der Bär ist tot – Das sagte zumindest der notorisch bärisch eingestellte Ökonom Roubini heute. „In Bezug auf die wirtschaftlichen und finanziellen Rahmenbedingungen haben wir das Schlimmste hinter uns,“ wird Roubini zitiert. Diese Schlagzeilen haben Roubini genervt, weshalb er umgehend seine Abonnenten informierte, dass sich an seinen Prognosen nichts geändert habe. So schreibt er, dass er schon lange eine Rezession von ungefähr 24 Monaten prognostizierte. Da die USA inzwischen 19 Monate in der Rezession steckten, müsste sie, sofern seine Prognosen eintreffen, in etwa Ende dieses Jahres vorbei sein. Nichts Neues also von Dr. Doom. Und damit es nicht zu Fehlinterpretationen kommt, gibt es jetzt Roubini im Original. Bitte schön: It has been widely reported today that I have stated that the recession will be over “this year” and that I have “improved” my economic outlook. Despite those reports - however – my views expressed today are no different than the views I have expressed previously. If anything my views were taken out of context. “I have said on numerous occasions that the recession would last roughly 24 months. Therefore, we are 19 months into that recession. If as I predicted the recession is over by year end, it will have lasted 24 months with a recovery only beginning in 2010. Simply put I am not forecasting economic growth before year’s end. “Indeed, last year I argued that this will be a long and deep and protracted U-shaped recession that would last 24 months. Meanwhile, the consensus argued that this would be a short and shallow V-shaped 8 months long recession (like those in 1990-91 and 2001). That debate is over today as we are in the 19th month of a severe recession; so the V is out of the window and we are in a deep U-shaped recession. If that recession were to be over by year end – as I have consistently predicted – it would have lasted 24 months and thus been three times longer than the previous two and five times deeper – in terms of cumulative GDP contraction – than the previous two. So, there is nothing new in my remarks today about the recession being over at the end of this year. “I have also consistently argued – including in my remarks today - that while the consensus predicts that the US economy will go back close to potential growth by next year, I see instead a shallow, below-par and below-trend recovery where growth will average about 1% in the next couple of years when potential is probably closer to 2.75%. “I have also consistently argued that there is a risk of a double-dip W-shaped recession toward the end of 2010, as a tough policy dilemma will emerge next year: on one side, early exit from monetary and fiscal easing would tip the economy into a new recession as the recovery is anemic and deflationary pressures are dominant. On the other side, maintaining large budget deficits and continued monetization of such deficits would eventually increase long term interest rates (because of concerns about medium term fiscal sustainability and because of an increase in expected inflation) and thus would lead to a crowding out of private demand. “While the recession will be over by the end of the year the recovery will be weak given the debt overhang in the household sector, the financial system and the corporate sector; and now there is also a massive re-leveraging of the public sector with unsustainable fiscal deficits and public debt accumulation. “Also, as I fleshed out in detail in recent remarks the labor market is still very weak: I predict a peak unemployment rate of close to 11% in 2010. Such large unemployment rate will have negative effects on labor income and consumption growth; will postpone the bottoming out of the housing sector; will lead to larger defaults and losses on bank loans (residential and commercial mortgages, credit cards, auto loans, leveraged loans); will increase the size of the budget deficit (even before any additional stimulus is implemented); and will increase protectionist pressures. “So, yes there is light at the end of the tunnel for the US and the global economy; but as I have consistently argued the recession will continue through the end of the year, and the recovery will be weak and at risk of a double dip, as the challenge of getting right the timing and size of the exit strategy for monetary and fiscal policy easing will be daunting. Tag it:         Artikel kommentieren |  Zu Favoriten hinzufügen (0) |  Artikel zitieren | Aufgerufen: 3462AkoComment © Copyright 2004 by Arthur Konze |
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