Roubini - Stern Faculty

Certainly, the United States will experience its worst recession in decades. The formerly mainstream notion that the U.S. contraction would be short and shallow—a V-shaped recession with a quick recovery like the ones in 1990–91 and 2001—is out the window. Instead, the U.S. contraction will be U-shaped: long, deep, and lasting about 24 months. It could end up being even longer, an L-shaped, multiyear stagnation, like the one Japan suffered in the 1990s.

As the U.S. economy shrinks, the entire global economy will go into recession. In Europe, Canada, Japan, and the other advanced economies, it will be severe. Nor will emerging-market economies—linked to the developed world by trade in goods, finance, and currency—escape real pain.

What constitutes a “recession” will depend on the country in question. For China, a hard landing would mean annual growth falls from 12 to 6 percent. China must grow by 10 percent or more each year to bring 12 to 15 million poor rural farmers into the modern world. For other emerging markets, such as Brazil or South Korea, growth below 3 percent would represent a hard landing. The most vulnerable countries, such as Ecuador, Hungary, Latvia, Pakistan, or Ukraine may experience an outright financial crisis and will require massive external financing to avoid a meltdown.
Click Here!

For the wealthiest countries, a debilitating combination of economic stagnation and deflation might happen as markets for goods go slack because aggregate demand falls. Given how sharply production capacity has risen due to overinvestment in China and other emerging markets, this drop in demand would likely lead to lower inflation. Meanwhile, job losses would mount and unemployment rates would rise, putting downward pressure on wages. Weakening commodity markets—where prices have already fallen sharply since their summer peak and will fall further in a global recession—would lead to still lower inflation. Indeed, by early 2009, inflation in the advanced economies could fall toward the 1 percent level, too close to deflation for comfort.

This scenario is dangerous for many reasons. A number of central banks will be close enough to setting interest rates of zero that their economies fall into a triple whammy: a liquidity trap, a deflation trap, and debt deflation. In a liquidity trap, the banks lose their ability to stimulate the economy because they cannot set nominal interest rates below zero. In a deflation trap, falling prices mean that real interest rates are relatively high, choking off consumption and investment. This leads to a vicious circle wherein incomes and jobs are falling, with demand dropping still further. Finally, in debt deflation, the real value of nominal debts rises as prices fall—bad news for countries such as the United States and Japan that have high ratios of debt to GDP.

As orthodox monetary tools become ineffective, policymakers will turn to unorthodox approaches. We’ll see traditional fiscal policy, in the form of tax cuts and spending increases, but also worldwide bailouts of lenders, investors, and financial institutions, as well as borrowers. Central banks will inject massive amounts of cash into financial systems to unclog the liquidity crunch. More radical actions, such as outright purchases of corporate and government bonds or subsidization of mortgage rates, might also be necessary to get credit markets functioning properly again.

Roubini - aus FAZ

Herr Roubini, viele Analysten und Strategen rechnen nach einem schlechten Aktienjahr 2008 nun mit steigenden Kursen an den Börsen. Sie auch?

Nein. Ich denke, die Kurse könnten global noch weitere 20 Prozent fallen. Denn erstens werden die Unternehmensgewinne aufgrund der schwachen Nachfrage enttäuschend ausfallen. Zweitens gibt es weltweit eine Güterangebotsschwemme, da unter anderem China industrielle Überkapazitäten aufgebaut hat. Drittens werden die makroökonomischen Daten in den kommenden Monaten enttäuschen. Viertens ist mit weiteren Schockmeldungen aus dem Finanzsektor zu rechnen.
Zum Thema

* Finanzkrise: Die Welt hört nie auf die Untergangspropheten
* Starökonom Nouriel Roubini: „Amerika muss seine Banken verstaatlichen“
* „Die Kreditkrise ist noch lange nicht vorbei“
* „Die Börsianer sind zu optimistisch“

Was sollten die Anleger tun?

Ihr Geld kurzfristig parken.

TIPS or Gold - aus FAZ

„Dies ist ein Indiz für den Vertrauensverlust der Anleger in die Wirtschaft, die nun ihr Geld verstärkt in Gold anlegen“, so Ernest Hathaway, Chef des Financial Strategies Institute in Midvale, Utah. Hathaway empfiehlt, seine Ersparnisse im Wesentlichen in Gold anzulegen, bis die Wirtschaft eine überzeugende Trendwende vollzogen hat, zieht Münzen jedoch die börsengehandelten Fonds, wie die SPDR Gold Shares, vor. Es ist offenkundig, dass sich die amerikanische Regierung mit den Geldmengen, die derzeit in das Bankensystem gepumpt werden, und dem nationalen Steueranreizpaket gegen eine künftige Inflation wappnet, so Miller.

Er rät seinen Kunden, sich mit Investitionen in indexgebundene Anleihen, wie staatliche inflationsgeschätzte Wertpapiere (Treasury Inflation Protected Securities, TIPS), abzusichern. Der börsengehandelte iShares Barclays TIPS Bond Fund und der Vanguard Inflation-Protected Securities Fund (VIPSX) seien äußerst wirkungsvolle Instrumente zur Sicherung dieser Vermögenswerte. Zahlreiche Anlageberater und Strategen setzen auf Gold als Teil einer Strategie zur Portfoliodiversifikation. Hält die Konjunkturunsicherheit weiter an, wird die Faszination des gelben Metalls voraussichtlich noch zunehmen.