Do you know Nouriel Roubini? If you have been paying attention to economic news over the past few years, you should be very familiar with who he is.
For those of you who have been living under a rock, Nouriel Roubini is an Economist at New York University, and is the Chairman of RGE Monitor, a global economic consultancy firm.
While he is an accomplished economist and entrepreneur, he is perhaps best known for being perhaps the very first prominent economist to predict the housing collapse, and the subsequent economic crisis that we are now dealing with.
He actually predicted this in 2005, while the housing market was still skyrocketing. And in 2006, he warned us all that ”The United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence, and, ultimately, a deep recession.” All of these predictions ultimately became reality.
He was the only prominant economist at the time vocally predicting the inevitable economic collapse. Back then, he was a Doomsdayer, standing out in Times Square with a clapboard sign hanging from his shoulder, predicting the end of the world. Or so we thought.
Now, he’s somewhat of an economic prophet. So what is he saying now?
In a recent interview with CNN, Dr. Roubini made some additional economic forecasts – and he didn’t paint a very rosy picture.
To summarize, his key points were that the unemployment rate would increase to 10%, even as high as 11%, and that it would stay there for YEARS.
The reason for the long-term, high unemployment rate forecast is the fact that, in his opinion, the United States has PERMANENTLY lost millions of jobs.
Jobs in real estate, construction, financial services, and some outsourced manufacturing are gone FOREVER. So until the economy can grow enough to create new jobs in existing industries, or new industries can emerge, creating enough jobs to absorb those lost forever, the unemployment rate will continue to be astronomically high.
He also predicted that oil futures could spike again, causing further economic stress on a global level.
So what does all of this mean to you, as a Trader?
Those of you who have been following articles on this site already know the answer – the V-word:
As many of you know, Volatility is my favorite word – at least in the world of trading.
As a Trader, volatility is what presents the greatest opportunities for profits. What spells sleepless nights for the average, long-term investor is a dream come true for a Trader.
But in order to profit from Volatility, you have to know HOW. There are many places you can turn to learn. In fact, there is one RIGHT HERE.
Don’t be a victim of the escalating employment crisis. All indications are its going to get worse before it gets better, and the Sage of the Economy (Dr. Roubini) is predicting its going to get MUCH worse, and could take many years to recover.
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