Nouriel Roubini said the bubble would burst and it did. So what next?

WASHINGTON - OCTOBER 30:  Nouriel Roubini, pro...

Image by Getty Images via @daylife

Extract from an interview with The Telegraph on 23rd May. Roubini was in town to publicise his new book Crisis Economics, a crash course in the financial crisis and what can be done to avoid another.

"The crisis is not over; we are just at the next stage. This is where we move from a private to a public debt problem"

"We socialised part of the private losses by bailing out financial institutions and providing fiscal stimulus to avoid the great recession from turning into a depression. But rising public debt is never a free lunch, eventually you have to pay for it."

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