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A photograph of the Chairman of Roubini Global Economics LLC. Roubini is also a professor of economics at New York University (USA).
Nouriel Roubini - With US growth at a stall speed of one percent or below, the stock markets could correct sharply, and credit spreads and interbank spreads widen, while global risk aversion steeply increases. Then a negative feedback loop between the real economy and risky asset prices could easily tip the US economy into a formal double-dip.
A double-dip means two recessions in quick succession. And Too-Big-To-Fail means too big. Nouriel Roubini talks to The Economist - YouTube video (15mins - 11.08.10).
Serious internal conflicts reported within US Federal Reserve Board as Kissinger-Bush syndicate banksters head for end-time punchout at Jackson Hole (Wyoming)
A fight has erupted inside the US Federal Reserve Board about imminent US hyperinflation. Thomas Hoenig (Kansas City Fed) has publicly dissented from Fed Chairman Ben Bernanke's hyperinflationary decisions at each of the last eight meetings of the Federal Open Market Committee. A persistent view emerging is that if we don't get rid of this President (Obama) fast, we're not going to have a country left to bank for. At the last meeting of the Federal Open Market Committee, on Tuesday 10th August 2010, the dangerous and highly contentious decision was made to purchase hundreds of billions of US Treasuries. This is now openly spoken of as being a Weimar-style hyperinflationary error in policy. More detail here (19.08.10).
On Monday 23rd August 2010, Thomas Hoenig testified before a field hearing of the Subcommittee on Oversight and Investigations of the United States House of Representatives (text here - pdf file - 4 pages). In his testimony, Hoenig showed that it is the community banks which are still providing credit to American businesses, while the bailed-out Wall Street banks have ceased to do this for practical purposes. There is no greater danger to the positive work of the local community banks than the vested interests of the Too-Big-To-Fail zombie banks on Wall Street. Thomas Hoenig and Richard Fisher (Dallas Federal Reserve Bank) are Glass-Steagall supporters who supported US Senator Blanche Lincoln's efforts to limit bank derivatives trading. More about the Jackson Hole showdown here (26.08.10). And more about the Move Your Money initiative here.