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Nouriel Roubini, the New York University professor who predicted the financial crisis, said the chance of a double-dip recession is increasing because of risks related to ending global monetary and fiscal stimulus.
1. Disappearance of the financial base (Dollars & Debts) all over the
A very simple image illustrates the global insolvency characteristic of today’s global financial system: the financial base which banks, insurers and global financial institutions were resting upon, is collapsing in the same way as a city built on a huge fault would collapse, suddenly realizing that what was meant to be solid land intended to firmly support the city’s buildings is nothing but a thin crust of earth over a mixture of a void, toxic gas and unstable ballast. Of course the financial equivalent of this mixture is the highly volatile combination of US Dollars, USD-denominated assets and debts, produced in particular by the US, the UK and a number of developed and developing economies (1).