Nouriel Roubini and Brunello Rosa list ten factors all pointing toward an economic downturn that will be more severe than the last.
Carmen M. Reinhart and Vincent R. Reinhart | Foreign Affairs
At the turn of this century, most economists in the developed world believed that major economic disasters were a thing of the past or at least relegated to volatile emerging markets. Financial systems in rich countries were too sophisticated to collapse, and recessions would remain short, shallow, and rare. There remains a central warning of 2008: Countries should never grow complacent about the risk of financial disaster. The next crisis will come, and the more the world forgets the lessons of the last one, the greater the damage will be.