Dr Doom warns the world is heading for dark times in the next twenty years

Famous Economist Nouriel Roubini has warned the world of the Stagflation crisis.He appeared in a show where he explained to the host Steve Clemons about the US ‘’debt trap’’ of artificial intelligence and deglobalisation as part of the crisis. 

 Nouriel Rubini known as ‘’Dr Doom’’ believes the world is set to face ‘’Megathreats’ including the global economic crisis. He believes the world is heading for darker times in the next twenty years. He is well known for his prediction about the 2008 crash of the United state economy years before it happened. 

He said, "Central banks are in a dilemma because they have to raise rates more to fight inflation. But, if they do so, the economy is going to start to contract quite soon, and if they don't then we could have a de-anchoring of inflation and inflation expectations.

Artificial Intelligence, Climate Change, deglobalisation

Dr Roubini warns of a perfect storm including inflation, recession, stagflation and a potential debt crisis. He believes working people would likely be hit hardest by the looming crisis including those with jobs. 

"Stagflation is the worst, because of loss of jobs, unemployment, weakness of the labour market and wages are growing less than inflation because you have stagflation," he said.

"So it's across the board to even those who have a job, to their real wages, because prices are rising more than wages, and some people lose their jobs and their income.

"So stagflation is the worst of all worlds for workers."

He believes even the young are not willing to take action and make the difference.