Nouriel Roubini has come up with a new reason for concern that the global economy will come close to collapse next year. He told an audience at Milken Institute Global Conference that a military confrontation between Israel and the US and Iran on the other was likely.
The pressure from oil sanctions against Iran and concern about its weapons system will trigger miliary action. This in turn will drive oil prices to extraordinary levels immediately. The global economy, barely in recovery, will not be able to stand the shock of a spike in energy prices. There will be a new recession, and it may be worse than the last one.
Douglas A. McIntyre
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