Nouriel Roubini saw the train but not its cause or its cure.

Nouriel Roubini has been credited with correctly predicting the current “recession”. He can be seen in an interview on The Agenda with Steve Paikin in Canada in early 2008 here. But good vision does not imply great thinking. At about 6:50 in this segment, he said that “failure of markets led to this mess in the first place”. (Actually, it was intervention into and manipulation of markets that did it.)

It is one thing to see something coming and quite another to know what caused it or even how to fix it. I could be crossing a railroad track and suddenly see a train speeding towards me. I can quite correctly predict impending disaster. But that doesn’t imply that I have a correct theory as to how the train approached so quickly or how to stop it before it hits me. I just know I need to get off of the track.

Peter Schiff also saw the problem coming.



But he’s not mentioned much any more, since his solution is not acceptable to interventionists and manipulators.