In an interview with the Financial Times, renowned economist Nouriel Roubini said that the global environment may very well soon be thrust back into the times of wars, pandemics and famine.

The economist commonly referred to as Dr. Doom noted that the current anomalous epoch of optimism and peaceful growth the world has enjoyed for the past 75 years is an exception for humanity, and not the rule.

The economist went on, “I think that really the world is on a slow-motion train wreck. There are major new threats that did not exist before, and they’re building up and we’re doing very little about it.”

Now over 60 years old, Roubini noted that he has never had to worry about wars among great powers, climate change, global pandemics, deglobalization or trade wars.

He went on to warn, “Did I worry about major severe recession or great depression? Of course not. Did I worry about financial crisis? I never heard about financial crisis…This time is different, but it’s different relative to the last 75 years of relative peace, progress and prosperity, because before then the history of humanity was a history of famine, war, disease and genocides and so on.”

Roubini detailed how politicians and economists are time and again making mistakes as they seek to reign in the ever worsening global economic crisis. As an example, he pointed to gross underestimates in the effort and time required to battle the current rates of inflation.

Roubini said, the general consensus is “six months of recession, big deal,”  but he noted that could not be further from the truth of the matter. “No, this is not going to be a short and shallow recession, it’s going to be deep and protracted.”

He noted he believes the underlying conditions in Europe are “much worse,” and that the UK is “already in stagflation,” with only the prospect of worsening contractions in growth ahead.

Roubini also pointed to both public and private global debt being at 350% of global GDP in 2019, compared to 220% of global GDP in 1999, and noted that central banks around the world are unlikely to be able to hike rates high enough to impact the economic crisis that will ultimately produce.

He said the only thing which could alter the current trajectories would be technological advances on the order of magnitude of nuclear fusion.

He concluded, “It will take 15 to 20 years. But in 15 and 20 years we will already be doomed.”

Image of Nouriel Roubini courtesy of Nouriel Roubini – World Economic Forum Annual Meeting 2012