NYU economist ‘Dr. Doom’ Nouriel Roubini stated on Saturday that the U.S. is heading towards a recession by the top of 2022 or the start of 2023.
The New York University economist who’s dubbed “Dr. Doom” for predicting the 2008 monetary disaster is criticizing New Yorkers who “stupidly” moved to states like Texas or Florida due to the impression of climate change.
Nouriel Roubini, CEO of Roubini Macro Associates and New York University economics professor, made the feedback on Bloomberg’s “Odd Lots” podcast.
“A lot of real estate is going to be stranded because of global climate change,” Roubini stated. “People have stupidly moved from New York to Miami, and from San Francisco to Austin, but Florida is going to be flooded and Texas is going to be too hot to survive there.”
Roubini stated there are maps that present “half” of the United States underwater or beneath excessive warmth.
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New York University professor Dr. Nouriel Roubini speaks on stage for MegaThreats: Ten Dangerous Trends that Imperil Our Future, and How to Survive Them. (Photo by John Lamparski/Getty Images for Concordia Summit / Getty Images)
“Literally there are maps that show that half of the U.S. in the next 20 years is going to be either underwater on the coastlines or too hot, or droughts or wildfires, to be living in it.”
He added that there will likely be a “massive migration from the South and the coastlines towards the only part of the U.S. that is going to survive climate change, is the Midwest into essentially Canada.”
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The New York University economist who’s dubbed “Dr. Doom” for predicting the 2008 monetary disaster is criticizing New Yorkers who “stupidly” moved to states like Texas or Florida due to the impression of climate change. (iStock / iStock)
“So there will be trillions of dollars of real estate assets are going to be damaged by essentially global climate change,” Roubini stated.
He stated that traders “have to worry about” climate change and “find the types of investment in the right parts of the United States.”
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Downtown metropolis skyline view of Tampa Florida USA trying over the Hillsborough Bay and the Riverwalk (iStock / iStock)
“So it is a mixture of quick time period treasuries of tapes, and different inflation indexed bonds, gold and the fitting sort of actual property goes to be the longer term,” Roubini stated.