Scary Assessment by Prescient Economist

NYU economist Nouriel Roubini ( was called a doomsayer a year ago for his widely circulated prediction that the global economy was heading for a meltdown.  In the current issue of Foreign Policy, he predicts that more very bad stuff awaits us in 2009:

Roubini’s essay leads a package of similarly disturbing assessments by economists who foresaw the current situation, all of which are available here:

This does not make for fun reading.  Roubini and Company are telling us that the economy hasn’t fully cycled through all the negative ripples (nay, tidal waves) of the downturn.  The implications for workers and workplaces may be significant, depending on job sector and location, and the situation generally will affect just about everyone in some way.

If this comes to pass, I can only hope that the burdens will be shared, that the most fortunate will be asked to make a greater sacrifice, and that those in need of a helping hand will find a society ready and willing to provide that assistance.  We are coming out of a time when such sentiments would’ve been ridiculed, but maybe, just maybe, we are starting to experience a change of heart.

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