Stagflationary global debt crisis looms – and things will get much worse | Nouriel Roubini

There is ample reason to fear big economies such as the US face recession and financial turmoil

The global financial and economic outlook for the year ahead has soured rapidly in recent months, with policymakers, investors and households now asking how much they should revise their expectations, and for how long. That depends on the answers to six questions.

First, will the rise in inflation in most advanced economies be temporary or more persistent? This debate has raged for the past year but now it is largely settled: Team Persistent" won, and Team Transitory" - which previously included most central banks and fiscal authorities - must admit to having been mistaken.