Nouriel Roubini, öðru nafni dr. Doom, segir að heimurinn sé að upplifa tveggja fasa efnahagskrísu þar sem ráðið sem var notað til að koma í veg fyrir stóra heimskreppu, að dæla peningum í fjármálastofnanir, hafi aukið geysilega á skuldavanda ríkja. Eina ráðið við þessu sé framleiða meira og skera niður – sem hins vegar hamli efnahagsbata. Svo séu sumir í aðstöðu til að prenta sinn eigin gjaldmiðil – sem eykur verðbólgu – en við þjóðum sem geta það ekki gæti blasað greiðslufall.

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„While such fiscal stimulus and bailouts may have been necessary to prevent the Great Recession from turning into Great Depression II, piling public debt on top of private debt carries a high cost. Eventually those large deficits and debts need to be reduced through higher taxes and lower spending, and such austerity – necessary to avoid a fiscal crisis – tends to slow economic recovery in the short run. If fiscal imbalances are not addressed through spending cuts and revenue increases, only two options remain: inflation for countries that borrow in their own currency and can monetize their deficits; or default for countries that borrow in a foreign currency or can’t print their own.

Thus, the recent events in Greece, Portugal, Ireland, Italy, and Spain are but the second stage of the recent global financial crisis. The socialization of private losses and fiscal laxity aimed at stimulating economies in a slump have led to a dangerous build-up of public budget deficits and debt. So the recent global financial crisis is not over; it has, instead, reached a new and more dangerous stage.„