"Dr. Doom" Nouriel Roubini says the "perfect storm" scenario he forecast for the global economy earlier this year is unfolding right now as growth slows in the U.S., Europe as well as China. In May, Roubini predicted four elements â stalling growth in the U.S., debt troubles in Europe, a slowdown in emerging markets, particularly China, and military conflict in Iran - would come together to create a storm for the global economy in 2013. â(The) 2013 perfect storm scenario I wrote on months ago is unfolding,â Roubini said on Twitter on Monday. http://www.cnbc.com/id/48116835
Perfect storm element number 1: Free trade with countries that pay slave wages making it impossible to compete. Large corporations continue to shrink their workforce. Element number 2: Banks that don't really do banking. They just trade paper and collect commissions. Small business can't grow or even get started in such an environment. No hiring of all those unemployed due to big business downsizing. Entrepreneurship and innovation die. Economy can't grow! Element number 3: A criminally inept government facilitating the whole thing. Game over!