Economist reckons World War III has already begun – driven by conflict in Ukraine and cyberspace
The Economist Nouriel Roubini in his most recent book, the top 10 dangers lurking humanity. The work was called “Megathreats” (“Mega-threats”in literal translation).
The content is relevant because Roubini became popular for anticipating the 2008 financial crisis. He believes that the Third World War has already started because of the conflict in Ukraine. Currently, the economist is a professor at New York University, in the United States.
Below, read the risks listed by the expert:
- high indebtedness – Roubini reports that in the 1970s, the ratio of public and private debt to Gross Domestic Product was around 100%. Now, in advanced economies, it’s at 420% and still rising;
- stagflation – developed countries are having to deal with a scenario of high inflation and low economic growth;
- easy money trap an eventual increase in interest rates to contain inflation can lead to the bankruptcy of medium-sized banks, government institutions and thousands of zombie companies (which have easy access to credit, but low profitability);
- demographic time bomb – the richest societies do not have enough money to honor the commitments assumed with future retirees as the young population is decreasing;
- Cold War between US and China – the dispute between the countries should lead the Americans to pressure Europe to limit its trade relations with China so as not to jeopardize the US military presence on the European continent;
- financial instability – Russia and China, for example, are trying to build an alternative to the dollar and the SWIF system – a global service that allows for international transactions, which can increase instability, he says;
- end of globalization financial turmoil will also lead to more protectionism and a reorientation of industrial production – which will accelerate deglobalization and the fragmentation of the interconnected world;
- artificial intelligence threat – Roubini says that high technology has led to dangerous concentrations of power in the hands of companies, the widening of social inequalities and the spread of misinformation that erodes democratic politics;
- climate changes – In an interview with the magazine Der Spiegelthe economist reported practical results: “This summer, there were droughts all over the world, including in the United States. Near Las Vegas, the drought is so severe that the bodies of 1950s mobsters have surfaced in the dry lakes. In California, farmers are now selling their water rights because it’s more profitable than growing anything. And in Florida, you can no longer insure homes on the coast. Half of Americans will have to move to the Midwest or Canada.”
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