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Roubini says more war means more inflation

admin by admin
January 10, 2023
in News


Project Syndicate/Nouriel Roubini/12-30-2022

“Inflation rose sharply throughout 2022 across both advanced economies and emerging markets. Structural trends suggest that the problem will be secular, rather than transitory. Specifically, many countries are now engaged in various “wars” – some real, some metaphorical – that will lead to even larger fiscal deficits, more debt monetization, and higher inflation in the future.”

USAGOLD note: Roubini argues the opposite of Wall Street’s favored inflation scenario – not peak, not transitory, but in the ascendancy.  He adds a new layer to his analysis in this essay – the disruptive effect of “globotics.” As more and more workers – white and blue collar – lose their jobs to globalization and automation, governments will be pressured “to help those left behind, whether through basic-income schemes, massive fiscal transfers, or vastly expanded public services.” He ends with a warning that “a great stagflationary debt crisis is upon us.” Though not always an advocate of gold ownership, Roubini has become one in recent years.

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