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Too Much Gloom and Doom?

Souring macroeconomic conditions and monetary-policy tightening have led some commentators to warn of an impending mega-crisis. Yet there is ample evidence to suggest that such a disaster is neither inevitable nor even the most likely near-term scenario.

NEW YORK – Nouriel Roubini thinks the global economy is “lurching toward an unprecedented confluence of economic, financial, and debt crises, following the explosion of deficits, borrowing, and leverage in recent decades.” Is he right?