roubini's perfect storm now fully under way...,

eft | Dominique de Kevelioc de Bailleul: What Zerohedge stated is a “must watch 9 minutes of reality,” Dr. Doom Nouriel Roubini, Monday, broke the bad news about the global economy to Bloomberg News. That day, the day that everyone has been hoping to avoid is now unavoidable. No later than 2013, the world will know how hard the collapsing Ponzi scheme will crash, which, according to him, will be much worse than 2008, if that can be imagined following nearly seven decades of successful central banking policy maneuvers.

But first, Roubini discussed the historically-rooted social/political implications of the next crisis. Since the beginning of recorded historical events, money changes have been a root of social decay, crime, political oppression, revolutions and wars. In the end, reforms and a new start are made, but not until revenge is exacted on the scourge of society—the bankers.

“Bankers are greedy; they’ve been greedy for the last hundreds of years,” said the 53-year-old self-described “global nomad.” “It’s not a question if they are more immoral today then they were a thousand years ago, you have to make sure they behave in ways in which you minimize those risks.

“One way of doing it is to separate activities, so you minimize the conflicts of interest,” he added. “Otherwise, this thing is going to happen over and over again.”

When asked for his opinion about the best way to manage banker greed, criminal activity and immoral behavior, Roubini didn’t mince words, a refreshing departure from comments made by analysts dependent upon the Wall Street/Washington circle of friends for a paycheck. Criminal behavior should be punished through appropriate and sanctioned criminal proceedings, according to him. That assessment comes following Barclay’s ‘crime of the century’, in which, it appears no one will be criminally prosecuted for jury rigging an estimated $100 trillion worth of debt securities marked to LIBOR+.

“Well, they [jail sentences] should occur, because no one has gone in jail since the global financial crisis for any of these things,” he said in a matter-of-fact manner. “The banks do things that are illegal, at best, a slap you know, a fine. Some people will end up in jail, maybe that will teach a lesson to somebody. Yeah, or maybe someone hanging on the streets.”

As far as the media and ‘official’ portrayal of the crisis, it’s all propaganda, cover up and lies, according to many financial analysts led by ‘On the Edge’ host Max Keiser, Euro Pacific Capital’s Peter Schiff, economist Marc Faber and commodities trader Jim Rogers. Roubini strongly agrees with these men.

“Things have become worse, not become better,” stated Roubini, in direct contradiction to senior ‘officials’ at the European parliament and a complicit media from both sides of the Atlantic. “Nothing has changed.”