Quotes from Nouriel Roubini

In an extreme credit crunch, leveraged purchases of gold cause forced sales, because any price correction triggers margin calls. As a result, gold can be very volatile - upward and downward - at the peak of a crisis.

What we need to understand is, one, that there are market failures; and two, that there are things like asset bubbles and irrational exuberance. There are periods of booms, bubbles, and manias. These things, if left to themselves, can lead to crashes, to busts, to panics.

I have more concerns about potential risks and vulnerabilities than most people.

I think it's true that the 1 Percent or the elite are living in a world of, maybe, excessive privilege, and they don't fully realize how much pain and suffering, how much anxiety exists out there.

I love and collect contemporary art and go to all the art fairs. I love Damien Hirst and Matthew Barney. I grew up in Italy and had a humanistic education in philosophy and literature - things I love and appreciate. People are richer and more complex than just their day-to-day professional pursuits might suggest.

I'm not a pessimist by nature. I'm not someone who sees things in a bleak way.

The trouble is that the average trader on Wall Street, he or she is so young, he doesn't even remember the recession of 2001, let alone the previous one.

A home is a home, and excess supply leads to prices falling.

I think investing in a good education has been key for me, although the investment was more in time than money.

Once you run current-account deficits, you depend on the kindness of strangers. This might be the beginning of the end of the American empire.

No country can be complacent in making sure that excessive debt of the household doesn't create excesses and weaknesses in the financial system. Everything is interconnected.

A currency serves three functions: providing a means of payment, a unit of account and a store of value. Gold may be a store of value for wealth, but it is not a means of payment. You cannot pay for your groceries with it. Nor is it a unit of account. Prices of goods and services, and of financial assets, are not denominated in gold terms.

The global financial crisis - missed by most analysts - shows that most forecasters are poor at pricing in economic/financial risks, let alone geopolitical ones.

What is important to me is that when I write something, people listen to me. I provide my wisdom to people, whether they agree or not.

The gains from technology must be channeled to a broader base of the population than has benefited so far.

Technology is spurring innovation, and the so-called "demographic dividend" has brought change.

I am just a normal human being - I am alive! Why is anyone surprised that I am human? Like many New Yorkers, I have a multifaceted life.

I don't personally consider myself Dr. Doom. I call myself Dr. Realist, even though it's less exciting and more boring than being called Dr. Doom. If you are consistently saying 'the world is going to end,' who is going to listen to you?

The U.S. has been living in a situation of excesses for too long. Consumers were out spending more than their income and the country was spending more than its income, running up large current-account deficits. Now we have to tighten our belts and save more.

Celebrity has become a burden. There are more demands on your time. People think it is glamorous to fly places. But it is not - even if you travel business class and stay in wonderful hotels, you end 10,000 miles away from home.

If you worry about financial Armageddon, it is indeed metaphorically the time to stock your bunker with guns, ammunition, canned food and gold bars.

The economic costs, the financial costs, the job losses, the income losses, the fiscal costs of bailing out financial system are becoming larger and larger.

If we didn't have greed, market economies wouldn't be as innovative as they are. But in my view, greed has to be contained by the fear of losses, so there has to be a system where, if you take too much risk, you go into bankruptcy. You don't systematically bail out people who take excessive risks.

I've nothing against Goldman Sachs. But Goldman Sachs isn't an investment bank. Goldman Sachs is a hedge fund. It's bigger than any hedge fund. It's more leveraged, to the power of three or five, than any hedge fund.