The top American economist Nouriel Roubini gained world fame by predicting the credit crisis. In the summer of 2020, he predicted that Donald Trump would lose the election and incite his supporters to defend the result. Both predictions have also come true. Now Roubini is shedding light on Joe Biden’s tenure in the influential weekly magazine Der Spiegel. What can we expect?
The new president will not have it under the market during his tenure, Roubini believes. “There will be more armed uprisings, especially by white nationalists, if only to provoke the left,” predicts the economics professor at the Stern School of Business in New York.
The new president can also expect something from abroad, Roubini predicts. “Russia and China will launch cyber attacks on the United States and knowingly spread misinformation. Such attacks will shape the next four years.”
Biden faces the enormous challenge of reconciling a deeply divided country. Is economic policy the key to this? “I think so,” says the economist. Biden must try to win back the white workers. He will do everything he can to create jobs: launch large infrastructure programs and focus on greening the economy. I’m just afraid that many Trump supporters are so stubborn that it won’t help much.”
Therefore, Roubini is somewhat pessimistic about the future because, according to him, the (extreme) right-wing movement will only get stronger. The Republicans, even the moderates, will attack Biden wherever they can. “That will lead to more violence and uprisings”, the economist concludes.