Famous economist Nouriel Roubini, who predicted the 2008 financial crisis and is known as the ‘crisis prophet’, said that he expects a long-term recession in the US economy and the global economy at the end of the year and a sharp correction in the S&P 500.
Predicting that the recession will continue in 2023, Roubini also argued that this would bring a sharp correction in the S&P 500.
Roubini, in his statement yesterday, stated that the S&P 500 could fall by 30 percent in case of a recession, while he predicted that the S&P 500 could fall by 40 percent in case of a “hard landing”.
Roubini advised those who predicted a superficial recession in the US that companies and governments should look at high debt ratios.
“ZOMBIE COUNTRIES WILL DIE AS THE INTEREST AND COSTS INCREASES”
“As interest rates and debt-paying costs increase, many zombie organizations, zombie households, companies, banks, and zombie countries will die. So we’ll see who swims naked,” Roubini said.
“FED INCREASES 50 BASE POINTS EACH NOVEMBER AND DECEMBER”
Roubini said it was an “impossible task” for the Fed to meet the 2 percent inflation target for the U.S. economy without a hard landing.
The famous economist also noted that he expects interest rate hikes from the Fed by 75 basis points and 50 basis points each in November and December at today’s meeting.