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In a Fast Money exclusive, widely followed market maven Nouriel Roubini reveals his latest market musings.
As you may know Roubini, who is a professor of economics at NYU, is considered a sage by some investors after he accurately predicted the housing crisis, deep recession and more. His gloomy prognostications have also earned him the nickname Dr. Doom.
Find out what Roubini says could drag us into a double dip recession -– and why China is too small to be the main engine of global growth.
Roubini: Bank Balance Sheets Post Biggest Threat To Recovery
Fast Money: What is the biggest threat to the recovery?
Roubini: The debt ratios of banks and (individuals) are very high; (Individuals) have barely started saving. So what we’ve done is socialize these private losses and now we have a massive releveraging of the public sector with large and unsustainable budget deficits.
(The deficits) are leading to accumulation of public debt - over $10 trillion over next 10 years. (That massive amount) of debt may lead to another crisis.
Fast Money Insisghts
I agree that we see bank failures going forward, says Guy Adami. And if that happens I expect it could spook the market. I also think the market has seen its high for a while.
If you agree with Roubini I’d get long gold [GLD
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], counsels Joe Terranova.
What do you think? We want to know!
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Roubini: China Is Not Big Enough To Drive Worldwide Economic Recovery
Fast Money: Can China lead the world out of recession?
Roubini: I don’t believe China can be the main locomotive of global growth – China GDP is only $3 trillion – the US is $15 trillion. Chinese total consumption is $1 trillion – the US is $10 trillion.
So China is too small to be the main locomotive of engine of global growth, and there are excesses right now in China – like froth in the real estate and the stock market. And there is now the beginning of a correction. And if there was a sharp slowdown in China, that’s going to be again negative for the global economy.
Fast Money Insights
I agree with what Roubini is saying, reveals Tim Seymour. China alone can not do it. But also, I would not underestimate the strength of emerging markets.
I don’t think we’re looking for China to be the locomotive, adds Pete Najarian. We’re just looking for a little push.
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Trader disclosure: On Sept. 1, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (APPL), (BAC), (F), (SBUX); Seymour's Firm Is Short (FXI), (PBR), (RIMM); Terranova Owns (AMZN), (SU), (WFT); Terranova Is Short (SHLD), (TM); Terranova Owns (GS) Puts; Terranova Owns Dec. Gold Futures; Terranova Works For (VRTS); Najarian Owns (BAC) & Short (BAC) Calls; Najarian Owns (BUCY) & Short (BUCY) Calls; Najarian owns (C) Calls; Najarian Owns (HGSI) Call Spread; Najarian Owns (FCX) Call Spread; Najarian Owns (JPM) & Is Short (JPM) Calls; Najarian Owns (MS) And Is Short (MS) Call; Najarian Owns (MSFT) And Is Short (MSFT) Call; Najarian Owns (PALM) Calls; Najarian Owns (TEVA) Calls; Najarian Owns (V) & Short (V) Calls; Najarian Owns (WFc) Put Spread; Najarian Owns (YHOO) Call Spread ; Najarian Owns (MOS) Calls
CNBC.com with wires
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