Compared with 2008-09, when policymakers had ample space to act, monetary and fiscal authorities are running out of policy bullets - or, more cynically, policy rabbits to pull out of their hats.
Monetary policy is constrained by the proximity to zero interest rates and repeated rounds of quantitative easing.
Indeed, economies and markets no longer face liquidity problems, but rather credit and insolvency crises. - excerpt from A Global Perfect Storm is Brewing
Related: iShares MSCI Emerging Markets (ETF) (EEM), SPDR SP 500 ETF (NYSE:SPY)
Nouriel Roubini is an American economist. He teaches at New York University's Stern School of Business and is the chairman of Roubini Global Economics.