Economist Nouriel Roubini warns World War III has already begun

Berlin: ‘Iran and Israel can collide at any time. NATO’s involvement in the Ukraine war is now more likely. Biden administration expects China to attack Taiwan sooner rather than later. Honestly, World War III has already effectively begun, certainly in Ukraine and cyberspace’, renowned economist Nouriel Roubini warned. At the same time, Roubini sounded the alarm over the world facing a “crash landing” of the global economy by saying the world would have to face crises such as high inflation rates, severe economic recession and extreme unemployment.

Nouriel Roubini is known as the economist who made the world aware of the crisis of the 2008 economic recession. It is why he is known as the ‘Doctor Doom’ of Wall Street. Nouriel Roubini, a professor at New York University, published a book last month titled ‘MegaThreats: The Ten Dangerous Trends That Imperil Our Future and How to Survive Them’. In it, he has made the readers aware of the possible dangers posed to the world and has given interviews to the media on this occasion. In an interview given to a famous German weekly called ‘Der Spiegel’, Roubini candidly made the world aware that World War III had already begun.

A war has already effectively begun, certainly in Ukraine and cyberspace. Along with this, a clash between Iran and Israel may occur at any moment, and a fierce conflict would ensue, Nouriel Roubini warned. Not only this, Roubini claimed that the Biden administration expects China to attack Taiwan sooner rather than later. Also, Roubini stated the reason for this in this interview. Taiwan produces 50 per cent of all semiconductors in the world and 80 per cent of the high-end ones. The United States wants to set up a semiconductor manufacturing centre on its land like the one in Taiwan. That is why the United States is waiting for China’s attack on Taiwan, Nouriel Roubini concluded.

China will have to make rapid military moves to take control of Taiwan. Otherwise, the war will prolong, just like Russia’s attack on Ukraine and China cannot afford it. Even China has realized this, Roubini claimed. Not only that, but the world is facing a dire crisis on the economic front. We would be lucky if we got an economic crisis like in the 1970s – and not a war like in the 1940s, Nouriel Roubini said as he cited the statement made by an analyst.

The war in Ukraine and the shock in Taiwan are just two of the many shocks the world has to endure. They must take care of the war between Russia and Ukraine before taking care of Iran and Israel or China, or the situation would turn more serious, Roubini added. Additionally, policymakers should take necessary measures to avoid stagflation, Noriel Roubini also underscored. When all the problems, such as stagnant growth, high inflation and unemployment, simultaneously move to an extreme state, it is called ‘stagflation’. The world will soon face a terrible dilemma. In such a situation, it will be challenging for the world’s countries to make decisions because the interest rate has to be increased to prevent inflation. On the other hand, the interest rate has to be reduced to avoid recession risks. So whatever decision is taken or not, a disaster is inevitable. Therefore, the global economy’s plane would make a ‘hard landing’, and everyone would have to bear the shocks, warned Nouriel Roubini.

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