The Economist believes that World War III has already begun fueled by conflicts in Ukraine and cyberspace
In his latest book, economist Nouriel Roubini has identified the 10 main threats facing humanity. The work was called “Megathreats” (“MegaThreats”, in literal translation).
The content is relevant because Roubini became popular because he anticipated the 2008 financial crisis and believes that World War III has already started because of the conflict in Ukraine. The economist is currently a professor at New York University in the USA.
Read below the risks listed by the expert:
- high debt 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 rising;
- stagflation developed countries have to deal with a scenario of high inflation and low economic growth;
- simple money trap eventual interest rate hikes to curb inflation may bankrupt midsized banks, government agencies, and thousands of zombie corporations (which have easy access to credit but low profitability);
- demographic time bomb the richest societies do not have enough money to meet commitments made to future retirees as the young population dwindles;
- Cold War between USA and China the dispute between the countries should prompt the Americans to put pressure on Europe to limit its trade relations with China in order not to endanger 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 to the SWIF system a global service that allows 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 high technology has led to dangerous concentrations of power in corporate hands, widening social inequalities and spreading misinformation that undermines democratic politics;
- climate change In an interview with Der Spiegel magazine, the economist reported practical results: “This summer there were droughts worldwide, including in the USA. Near Las Vegas, the drought is so severe that the bodies of 1950s gangsters have surfaced in the dried up 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.”