Tag Archives: banking debts

Australian Media 4 Months Late On China Bust Warning

26 Oct

Top feature story at The Australian today:

‘Hard landing’ coming in China, warns Nouriel Roubini

AUSTRALIA faces the threat of a “hard landing” in China within two years and the growing risk of being hit by a double-dip global recession sparked by the European debt crisis, one of the world’s leading economists said yesterday.

Nouriel Roubini, from New York University and widely known as “Dr Doom” for predicting the global financial crisis of 2008, told the opening day of the Commonwealth Heads of Government Meeting business forum in Perth that China’s economic growth model was unsustainable, and he predicted a sharp slowdown in 2013.

The downturn would have a “major effect” on Australia by driving down commodity prices and denting economic growth.

As reported on barnabyisright.com way back in June:

China’s Economy At Risk Of “Hard Landing”, 60% Chance of Banking Crisis By Mid-2013

Nouriel Roubini, one of the dozen or so economists who predicted the GFC, has just given an ominous warning for all those – like Wayne Swan, the Treasury department, former Treasury secretary (and now personal adviser to Gillard) Ken Henry, and the RBA – who are blindly banking on a never-ending China boom, with continuous record high terms-of-trade, to get us out of their $1.59 million per hour Interest-only debt hole.

The Australian mainstream media continues its fine record of keeping us ill- and under-informed.

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