Difficult four years: Nouriel Roubini warns – that’s what Dr. Doom ahead for the Biden presidency | message
• Roubini expects civil unrest and cyber attacks
• Economic policy must be the focus
The new US president has been in office for around a week and has already initiated the reversal of numerous decisions made by his predecessor. But the Biden presidency will not only be marked by reconstruction – “Dr. Doom” Nouriel Roubini predicts the new incumbent will have a difficult four years.
Riots and cyber attacks
In an interview with “Der Spiegel”, the economist explains that he expects Joe Biden’s presidency to be overshadowed by civil unrest. Specifically, he expects armed uprisings, especially by white nationalists, who want to provoke the left.
In addition, cyber attacks can also be expected, the economic expert warns. He expects such attacks, especially from Russia and China. In addition, these would likely spread false information. “That will shape the next four years”.
Biden must unite the country through economic policy
In order to unite the deeply divided country, Biden will have to use economic policy steps, believes Roubini. He must try to “win back the white workers”. In his opinion, the new US president will initiate a number of measures to create jobs: start large infrastructure programs and drive forward the greening of the economy. “I’m just afraid that many Trump supporters are so stubborn that it doesn’t help much,” says the economist, who has become known as “Dr. Doom”, with little optimism.
Roubini calls for a master plan
In order to get the economy back on its feet, Roubini calls for extensive investments. “The state needs to invest more in 5G, artificial intelligence, robotics and infrastructure. Biden needs to develop a national master plan, similar to what China did.” Especially against the background that China is recording aggressive growth, it is no longer possible as president to stay out of economic policy, as is the case, for example Barack Obama have done. However, Roubini reckons that it could take years before a result can be seen. “It’s not enough to just spend money,” he emphasizes.
Finanzen.net editorial team
Image Sources: Vivien Killilea / Getty Images for Berggruen Inst., Ron Adar / Shutterstock.com