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Economist who foresaw '08 crash warns conflict with Iran could cause global recession

Professor known as 'Dr. Doom' also predicts joblessness in US will remain high in 2012
Image
© Jean-Christophe Bott/AP
Economist Nouriel Roubini speaks during a panel session on the first day of the the World Economic Forum meeting in Davos, Switzerland, Wednesday.

Davos, Switzerland - Economist Nouriel Roubini, nicknamed "Dr. Doom" for his gloomy predictions in the run-up to the financial meltdown four years ago, says the fallout from that crisis could last the rest of this decade.

Roubini, widely acknowledged to have predicted the crash of 2008, sees tough times ahead for the global economy and is warning that without major policy changes things can still get much worse.

He also warned that a conflict with Iran over its controversial nuclear program could lead to a global recession.

Until Europe radically reforms itself and the U.S. gets serious about its own debt mountain, Roubini said, the world economy will continue to stumble along to the detriment of large chunks of the world's population who will continue to see their living standards under pressure, even if they have a job.

Meanwhile, International Monetary Fund Managing Director Christine Lagarde - speaking Saturday at the World Economic Forum meeting in Davos, Switzerland - said Europe was making progress to overcome the euro zone crisis, but need to do more to boost its financial firewall to contain the contagion of the debt crisis and restore trust.

Comment: The IAEA clearly knows what the truth is about Iran's Nuclear ambitions. Iran signed the NNPT and has made it clear, several times that it is NOT seeking a nuclear weapon. The IAEA has the ability to wander around ANYwhere in Iran. The sad fact is, the media spin is directed to the Western public, to gear them toward more War, Death and senseless Destruction.

Elsewhere: "If Iran wants to turn to the production of nuclear weapons, it must leave the NPT, expel the IAEA inspectors, and then it would need at least, considering the number of centrifuges and the quantity of uranium Iran has...It would need at least six months to one year," ElBaradei said.


Laptop

Facebook IPO Could Value it Among Top Companies

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© The Associated Press/Marcio Jose Sanchez
In this May, 26, 2010 file photo, Facebook CEO Mark Zuckerberg talks about the social network site's new privacy settings in Palo Alto, Calif.
When Facebook makes its long-expected debut as a public company this spring, the social-networking company will likely vault into the ranks of the largest public companies in the world, alongside McDonald's, Amazon.com and Bank of America.

The Wall Street Journal reported Friday that Facebook is preparing to file initial paperwork for an offering that could raise as much as $10 billion and value the company at $75 billion to $100 billion. The filing with the Securities and Exchange Commission could come as early as Wednesday, with an initial public offering of stock in three or four months.

The targeted amount would slot it among the world's 25 largest IPOs, although as recently as November 2010, General Motors raised $15.8 billion when it shed majority control by the U.S. government.

The IPOs of 14 companies would rank higher than Facebook's, according to investment adviser Renaissance Capital. Among them were Visa Inc.'s $17.9 billion IPO in March 2008, the largest for a U.S. company, and world-topper Agricultural Bank of China Ltd., which raised $19.3 billion in July 2010, not including extra shares issued to meet demand.

Handcuffs

US: Police Officer Shot, Killed by Fellow Officer Trying to Arrest Him

California - A Santa Maria police officer was shot and killed Saturday by a fellow officer who was trying to arrest him for suspected sexual misconduct with a minor, the Santa Maria Times reported.

The slain officer was on duty when police tried to take him into custody early Saturday, the Santa Maria Police Department said in a press release.

The suspect officer allegedly drew his weapon and fired. "In response, one officer on scene fired at the suspect officer hitting him once," officials said in a news release, according to the Times.

The wounded officer was taken to a hospital, where he died.

The name of the slain officer was not released. Authorities said he was being investigated on an allegation of sexual misconduct against a minor.

Vader

NOW Libyans are being tortured to death - thanks NATO!


Sheeple

Irish Actor Liam Neeson Questions his Faith, Considers Converting to Islam

Irish actor Liam Neeson has revealed he is considering giving up on his Catholic faith and converting to Islam.

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The Hollywood star, 59, was recently filming in Turkish city Istanbul and became fascinated with the Muslim faith during his stay.

Speaking to The Sun, he said: "The Call to Prayer happens five times a day and for the first week it drives you crazy, and then it just gets into your spirit and it's the most beautiful, beautiful thing.

"There are 4,000 mosques in the city. Some are just stunning and it really makes me think about becoming a Muslim."

So he won't be copying Madonna and taking an interest in Kabbalah or following in Tom Cruise's footsteps and become a Scientologist?

Bad Guys

US: Police: Connecticut Ax Murderer Ate Victim's Eyeball, Brain

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© Bridgeport Police Department
Tyree Lincoln Smith, 35.
Police and U.S. Marshals in Florida have taken a former Bridgeport resident into custody on charges that he used an ax to kill a man, then ate a portion of his victim's brain and one of his eyeballs.

Brick Wall

Censored and Banned by Court! Dark Ages and Abuse of Children: "The Wall", A Documentary About Autism in France

The Regional Court of Lille released its verdict yesterday Thursday Jan. 26, 2012 under an emergency ruling.

The Wall is censored and banned. The court has ordered Sophie Robert to remove the speech of the three plaintiffs from her movie. Furthermore, the court orders Sophie Robert to withdraw her movie from the internet. Otherwise she will have to pay 100 EUR per day to the plaintiffs.

Sophie Robert and her sole-proprietorship company "Océan Invisible Productions" are sentenced pay to at least 40 000 EUROS in damages and lawyers fees to the plaintiffs.

Sophie Robert has decided to appeal. Yet, she has to pay immediately the amount due.

Watch the documentary here

Camera

Daddy Won't be Pleased... Hugo Chávez's Daughter Sparks Outrage in Venezuela After Posting Picture with U.S. Dollar Bills

For most Venezuelans, obtaining U.S. dollars in a tightly regulated economy is a nightmare.

But not for President Hugo Chavez's 14-year-old daughter, Rosines, who posted a picture of herself peering out from behind a wad of greenbacks.

The picture, posted on Instagram, a free photo-sharing app, triggered controversy in Venezuela this week after posting a picture of herself flaunting a fistful of dollars.
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© unknown
Chavez's daughter, Rosines, 14, posted a photo of herself holding a fistful of U.S. dollars, outraging her fellow Venezuelans

Vader

Why Did Harper Announce Canada's "Major Transformations" in a Foreign Country?

Stephen Harper
© The Canadian Press/Adrian Wyld
Canadian Prime Minister Stephen Harper delivers his address to business leaders at the World Economic Forum in Davos, Thursday January 26, 2012.
Prime Minister Stephen Harper used his speech at the World Economic Forum, Thursday, as a means to outline his government's plans in the month's to come.

As reported in the Globe and Mail, Harper vowed "major transformations" including a change on how Canadians finance their retirement. He will overhaul the immigration system. He will make oil and gas exports to Asia a "national priority" and aggressively pursue free trade in India and Europe.

While what he said was quite significant, it's where he said it that's leaving some scratching their heads.

NDP finance critic Peter Julian says that was very disrespectful to Canadians.

"(It's) particularly very disrespectful to Canadian seniors to roll out this type of speech among the world's billionaires in Davos rather than addressing us here as home," Julian told Yahoo! Canada News.

Attention

Amazon Seller Caught Bribing for Good Reviews

Bribery
© Minyanville
I love you, now pay me!

Man, what does it take to get a five-star review on Amazon anymore? Well, if you're selling a sub-five-star product, almost ten bucks. At least that's what it cost online retailer VIP Deals who paid customers of a protective leather case designed for the Kindle Fire.

The Vipertek brand premium slim black leather case folio cover was originally listed on Amazon by VIP Deals for $59.99. But a special offer on the merchant's page had the item marked down by over 80% -- for $9.99 plus shipping. And if you think that's a good deal, what would you say to a full 100% off?

That's precisely what people who took advantage of the sale were offered from VIP Deals when the Kindle Fire case arrived. Inside the package was a letter stating that the entire order would be refunded in exchange for a review on Amazon. While a positive review wasn't asked for explicitly, the letter offered a less than subtle nudge in that direction. "We strive to earn 100 percent perfect 'FIVE-STAR' scores from you!" the letter stated.

Of the 355 reviews written about the leather cover on Amazon last week, 310 were five-star and the remaining 45 were four-star. In a fit of honesty, one of the reviewers let slip out, "I would have done 4 stars instead of 5 without the deal."