Economic Uncertainity

July 5, 2010 at 1:22 am Leave a comment

At least, Dr. Doom (aka: Nouriel Roubini) who predicted the financial crises had this to say about the recovery

Nouriel Roubini, the New York University economist credited with predicting the financial crisis, said that government bonds of countries such as Germany, Canada and the U.S. will represent a haven from increasingly volatile markets in coming months.

“It is going to be a period of economic and financial fragility,” Roubini said in an interview in Aix en Provence, France. “The short-term and long-term debt of countries not yet subject to sovereign debt concern will be havens,” he said.

The global economy will slow in the second half as deficit- reduction measures, notably in Europe, sap demand, Roubini said. U.S. growth will ease to about 1.5 percent by the end of 2010, about half its potential, while the euro area’s expansion may stall, he said. As a whole, the world should avoid a double-dip recession, he said.

“The next few weeks and months will be a time of volatility as the market surprises on the downside,” he said. “It’s a pretty ugly picture. The macro news from the U.S., Europe, Japan and even China is disappointing. Credit spreads will widen.”

Roubini spoke at a meeting of France’s Circle of Economists

For some reason,a double-dip recession has given me some anxiety recently. While my job is not in danger because we have about two year backlog of audits, it still has ruin my serenity this week.

Recently, the news have started to give an emotional reaction to it so I starting to pay less attention to it. The constant talk of unemployment and recession can wear you out even if you are not going to lose your job.

Fear of economic insecurity is something that I have just to accept. There is nothing that I can do it and I cannot control the circumstances so I should just accept it and move on with my life. Constant worrying about economic insecurity is no way to live my life.

Maybe, I need to get back to daily reading of the Big Book and 12X12 to ensure that my spiritual recovery is in tact. That is best way to fight off this fear.

I guess we are just going to accept that there is sluggish economy is not going anywhere but at least, we are not falling off the cliff yet. And I need to accept that and not let my serenity get interrupted by that.


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