‘WWIII has already effectively begun’ – Nouriel Roubini

A new world war is practically underway, “certainly in Ukraine and cyberspace,”economist Nouriel Roubini explained.

Last week, the New York University professor was interviewed by Der Spiegel and listed some of the world’s most acute problems.

Recalling a recent event hosted by the International Monetary Fund, he referred to historian Niall Ferguson who “said in a speech there that we would be lucky if we got an economic crisis like in the 1970s — and not a war like in the 1940s.”

When speaking about major global threats, Roubini mentioned the ongoing conflict between Russia and Ukraine, adding that Iran and Israel are “on a collision course” as well. 

“I read that the Biden administration expects China to attack Taiwan sooner rather than later,” the economist said, summarizing that “World War III has already effectively begun.”

The rivalry between Washington and Beijing is driving tension to a large degree, Roubini noted, adding that the US has banned the export of certain semiconductors to China and is pressuring European nations into cutting trade ties with the country on national security grounds. He believes that a breakup of the globalized world is looming.

“Trade, finance, technology, internet: Everything will split in two,” he predicted.

It was not clear if non-allied nations would pick the US side in the confrontation, he said. “I asked the president of an African country why he gets 5G technology from China and not from the West. He told me, we are a small country, so someone will spy on us anyway. Then, I might as well take the Chinese technology, it’s cheaper,” the economist revealed to Der Spiegel. 

The professor is concerned that the political systems in the US and Europe may not be able to deal with the problems, leading to a rise of right-wing governments.

Nouriel Roubini came to prominence for predicting the financial crisis of 2008-09 and was dubbed ‘Doctor Doom’ by Wall Street.