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Nouriel Roubini says the cryptocurrency ecosystem is ‘totally corrupt’

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(Kikko News)- Renowned economist Nouriel Roubini is waging war on Twitter against the global crypto economy as it faces a massive liquidity crisis that has knocked down major exchanges and players.

Last week, the outspoken professor at New York University’s Stern School of Business and CEO of Roubini Macro Associates ran a headline describing cryptocurrencies as “a cesspool of decay.” But he took the fight to new highs Wednesday during a live panel discussion at Abu Dhabi Finance Week, describing it as a “completely corrupt ecosystem.”

In a direct attack on Binance CEO Changpeng Zhao, also known as CZ, Roubini said he did not understand why the cryptocurrency mogul was allowed to live and operate in the UAE.

He said Zhao’s cryptocurrency exchange was banned in the UK by UK regulators and is currently processing around $8 billion in funds from Iran, circumventing US sanctions that have been in place since 2018. It pointed out that it is under investigation by the US authorities for allegedly doing so.

“He is a walking time bomb and should not be kicked out of this country and allowed to operate,” he said.

Harsh comments on the crypto economy came when Roubini issued a stark warning to the global economy, stating that it was headed for a decade-long debt crisis of stagflation.

“When a recession comes, it will be long and deep, not short and shallow. We are not only facing persistent short- and medium-term negative supply shocks, but also We are heading towards the mother of all debt crises because of the private-to-public debt ratio over the last few decades,” Roubini wrote in a recent comment for Project Syndicate.

“If we don’t stop the multi-track slow-motion train wrecks that are threatening the global economy and the planet at large, we will fortunately be just another repeat of the stagflation of the 1970s,” he said.

In addition to the looming global economic crisis, Roubini also said the world is facing more geopolitical instability, potentially leading to more international conflicts and environmental threats from climate change. I was.

In a world facing enormous and growing threats, Roubini has consistently said that people need to hold on to tangible assets to protect themselves.

“Investors need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage. These include short-term and inflation-linked bonds, gold and other precious metals, and environmental damage. includes strong real estate,” he wrote.

Last week, Roubini also released his latest book: Megathreats: Ten Dangerous Trends That Imperil Our Future, and How To Survive They.

Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.

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