head = document.head || document.getElementsByTagName("head")[0], mpsload = document.createElement("script"); (Nouriel Roubini) In February, I warned that any number of foreseeable crises – “white swans” – could trigger a massive global disturbance this year. What factors drove gold prices higher in recent times and are likely to drive them higher in the future? if (typeof(window._mpspixZ) != 'string') { } }); mps.scodePath="//fm.cnbc.com/applications/cnbc.com/staticcontent/scripts/omniture/s_code.js?v=1.6.4.1"; $300? Many countries have significantly more in reserves than $400 million; if countries like the U.S., Germany, or Italy decided to sell any percentage of their reserves the yellow metal would be done for. Nouriel Roubini is a professor of economics at New York University’s Stern School of Business. "we are never going to go back to the Gold Standard" "this idea of a a gold standard is pushed every other day by these gold bugs is not even a theory it's a theology " says Economics Professor Roubini who sees the gold standard as dangerous.In fact, he said, the gold standard was a major reason for the Great Depression. return false; if (!mps._ext || !mps._ext.loaded) { NEW YORK – The recent sharp depreciation of the US dollar has … }); “The reason (for this) is simple: while base money is soaring, the velocity of money has collapsed, with banks hoarding the liquidity in the form of excess reserves. var mpscall = { What Does Rising Government Spending Mean For Gold? [Below I recommend 8 ways that would do just that.] "":"no-")+"fn-start",[f.now(),r,o],n),o)try{return e.apply(this,arguments)}catch(t){throw c.emit("fn-err",[arguments,this,t],n),t}finally{c.emit("fn-end",[f.now()],n)}}}};a("actionText,setName,setAttribute,save,ignore,onEnd,getContext,end,get".split(","),function(t,e){h[e]=o(l+e)}),newrelic.noticeError=function(t,e){"string"==typeof t&&(t=new Error(t)),i("err",[t,f.now(),!1,e])}},{}],18:[function(t,e,n){e.exports=function(t){if("string"==typeof t&&t.length)return t.length;if("object"==typeof t){if("undefined"!=typeof ArrayBuffer&&t instanceof ArrayBuffer&&t.byteLength)return t.byteLength;if("undefined"!=typeof Blob&&t instanceof Blob&&t.size)return t.size;if(! } Roubini seems to think a gold standard is a pretty awful idea. script.setAttribute("onload", "setAdblockerCookie(false);"); Of course, this directly contradicts Austrian business cycle theory, which argues that boom-bust cycles are caused by central banks departing from the gold standard. document.cookie = "__adblocker=" + (adblocker ? 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"updatecorrelator" : true Since the battle between deflation and inflation matters so clearly to anyone buying equities, bonds or Gold Investment, let's recap and review the situation so far. 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What's more, a gold standard would make central banks unable to fight inflation or deflation, much less do anything to combat persistent unemployment, Roubini said in an interview with NetNet yesterday. 'path' : '/id/40088925' , } As opposed to the stagflation of the 1970s, where you had no growth and rising prices, he foresees no growth and falling prices – a depression by any other name. A Division of NBCUniversal. {key:e[2],parent:a(e[1],window)}:{key:t,parent:window}}var c=t("ee").get("jsonp"),f=t(24)(c);if(e.exports=c,o()){var u=/[?&](?:callback|cb)=([^&#]+)/,d=/(.*)\.([^.]+)/,p=/^(\w+)(\.|$)(. 'subtype' : 'special_report' , Fiscal Responsibility and the ‘Greater Fool’ Theory, “We overshot on the upside when [gold] went over $1,900.We’re now close to bottoming at $1,500, and if that doesn’t hold it could bottom to between $1,100-$1,200.” Read More », 17. Nouriel Roubini, known as "Dr. Doom" for his bearish views, slammed Bitcoin for being heavily manipulated and blamed retail investor FOMO for this week's boom and bust on … We want to hear from you. Nouriel Roubini has given a confident statement that central-bank digital currencies are the future of money. } Roubini … Historically speaking, Roubini says, during the days of the gold standard economies were constantly imperiled by spasmodic cycles: "When you had a traditional gold standard, boom and bust with severe swings in economic activity were the norm—really big ones. Get this delivered to your inbox, and more info about our products and services. If history repeats itself [exactly, then] gold will gain another 35% or so, briefly, before becoming one of the worst investments in the world for the next decade or two. “The reason (for this) is simple: while base money is soaring, the velocity of money has collapsed, with banks hoarding the liquidity in the form of excess reserves. (56K Views). The economy that is growing quickly would tend to "overheat"—an economic phenomenon characterized by accelerated growth, inflation and the potential for asset bubbles. Please note that while Wilson may already have invested or may from time to time invest in securities that are recommended or otherwise covered on this website they do not intend to disclose the extent of any current holdings or future transactions with respect to any particular security and, as such, you should consider this before investing in any security based upon statements and information contained in any report, post, comment or recommendation you read on the site. var _regex = /([^=&/<>()[].,;:s@"]+(.[^=&/<>()[].,;:s@"]+)*)@(([[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}.[0-9]{1,3}])|(([a-zA-Z-0-9]+. NOURIEL TODAY The next live broadcast Tuesday, December 1st at 10 am Eastern. Doom” for his ominous prognostications about the economy and financial system. 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Indeed, the global economy in 2013 could be a very difficult environment in which to find shelter. Nouriel Roubini: 2013 Perfect Storm Scenario Unfolding as Predicted! Words: 861 Read More ». Nouriel Roubini is a Professor of Economics at New York University’s Stern School of Business. mps._queue.gptloaded.push(function() { Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Professor Roubini explains that white swans are predictable crises and black swans are more like bolts from the blue. A gold standard would just make business cycles more extreme, according to co-founder and chairman of Roubini Global Economics, Nouriel Roubini. Read More », 4. !e;this.xhrGuids&&!this.xhrGuids[n]&&(this.xhrGuids[n]=!0,this.totalCbs+=1)}),f.on("xhr-load-removed",function(t,e){var n=""+p(t)+! [saying], “Gold remains John Maynard Keynes’s ‘barbarous relic,’ with no intrinsic value and used mainly as a hedge against mostly irrational fear and panic”. 'byline' : 'Ash Bennington' , Sign up for free newsletters and get more CNBC delivered to your inbox. Should any post be deemed to be inadvertently in contravention of these Acts' terms please advise with substantiation of such apparent contravention (i.e. mps._queue.mpsinit = mps._queue.mpsinit || []; var mps = mps || {}; Far from signaling its imminent demise as the main global reserve currency, the greenback’s sharp depreciation is to be expected in the current macroeconomic context. Step forward Dr. Nouriel Roubini who got the subprime debacle spectacularly right and the subsequent stock market rally spectactularly wrong. Nouriel Roubini: There are many reasons why the gold bubble is deflating, and why gold prices are likely to move much lower by 2015 (+62K Views), A Direct Comparison Between Gold, Silver, Platinum and Copper (+90K Views), Silver Prices: How High Will They Go? The ranks of the gold standard advocates, which have long included many Austrian economists and others worried about central bank manipulation of the money supply, were seemingly joined this week by World Bank President Robert Zoellick. In fact, according to Roubini, in the case of most central banks today that ratio is about 40 or 50 to 1. Read More », 10. mpsload.id = "mps-load"; Famed economist Nouriel Roubini, aka 'Dr. } else { var postLoadFunctions = {}; Nouriel Roubini: There are many reasons why the gold bubble is deflating, and why gold prices are likely to move much lower by 2015 NOURIEL TODAY The next live broadcast Tuesday, December 1st at 10 am Eastern. Then again, by now the market has learned to take Roubini's "hot" takes - which only emerge during sharp bitcoin and gold selloffs - with all the "seriousness" they merit. [Let me spell them out.] el.parentNode.insertBefore(s, el); Chris Hill (TMFWizard) Updated: … Words: 310 Read More ». mpsload.src = "//" + mpsopts.host + "/fetch/ext/load-" + mpscall.site + ".js?nowrite=2"; if (mps.response && mps.response.dart && typeof(mps.response.dart.adunits) === 'object') { 'id' : '40088925' , Price of Gold Likely To Fall Below $1000 By Year End – Natixis, While there are some good reasons to hold gold at the moment, many of the drivers behind gold’s strong, decade-long run look like they have begun to turn and, as a result, the price of gold is likely to fall below $1,000, in the short to medium term, possibly as soon as year end. if (typeof mps.getAd != "function") mps.getAd = function(adunit) { All Rights Reserved. 'cat' : 'CNBC EVENTS|NetNet' , Use Stop-Loss Orders To Protect Your Profits – Here’s Why – and How, Impressive: New Pure-Play Plant-Based Food Stocks Index Advanced Again Last Week, Cannabis Central Alert: New US Cannabis ETF Is Not “Pure”, Update: 15 Gold & Silver “Miners” That Don’t Mine, We Will Be Facing A Major Financial Disaster In A Matter Of Months – Here’s Why, Disconnect Between Economy & Stock Market Should Make You Very Fearful These Days – Here Are 10 Reasons Why, Gold & Silver Warrants: What are They? Nouriel Roubini, described by Bloomberg as a "renowned doomsayer", is concerned that we are heading for a global recession next year. // He is also a professor of economics at New York University’s Stern School of Business. Here’s Why, Nouriel Roubini is known for his pessimistic views on the health of the global economy and his nickname is Doctor Doom. A general summary of Roubini's position on the issue would likely begin by saying that, generally speaking, a fixed exchange rate regime or gold standard limits the flexibility and range of actions that central banks can take to improve a nation's economy in fundamental ways. (+8K Views), The 10 Best Places to Retire in Mexico (+255K Views), Going Topless Is Legal In These U.S. States & Canadian Provinces (+125K Views), Majority of NFL, MLB & NBA Players Go Bankrupt Within 5 Years! } Speculation is a better fit for the argument to own gold than considering it an investment. if(typeof document.getElementsByTagName('meta')['tp:PreferredRuntimes'] === 'object') { Wrong. The chain of events that led to the collapse of major banks and the housing market in the United States continues to this day and every major asset class has seen massive losses. Check it out to see how many of the calls and predictions of your favorite prognosticators have turned out to be true. Earlier this month he published an essay titled After the Gold Rush. The information on this site was obtained from sources which we believe to be reliable, but we do not guarantee its accuracy. Red BOOM Reduce Exposure. Jump to page: 11-09-2010, 03:08 PM. mps._queue.mpsinit.push(function() { script.setAttribute("onerror", "setAdblockerCookie(true);"); var _qs = window.location.href; The New York University economics professor is … return true; var foresee_enabled = 1 Given the moniker ‘Dr Doom’ for his accurate prediction of the 2008 financial meltdown two years before the Lehman Brothers crashed, Roubini says Bitcoin is the most manipulate asset ever. June 7, 2013 var slotid = "mps-getad-" + adunit.replace(/\W/g, ""); 'is_sponsored' : '0' , Other than telling us how smart they are, I am not sure what economists like “Dr. for (var i in mps.response.dart.adunits) { Short, Roubini 's views challenge the Austrian economists where they live at... 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