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A currency serves three functions: providing a means of payment, a unit of account and a store of value. Gold may be a store of value for wealth, but it is not a means of payment. You cannot pay for your groceries with it. Nor is it a unit of account. Prices of goods and services, and of financial assets, are not denominated in gold terms.

Nouriel Roubini

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Nouriel Roubini
Age: 66
Born: 1958
Born: March 29
Art Collector
Economist
University Teacher
İstanbul
May
Value
Account
Units
Mean
Pay
Goods
Prices
Wealth
Stores
Serves
Term
Accounts
Services
Denominated
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Financial
Currency
Groceries
Means
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Three
Gold
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More quotes by Nouriel Roubini

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In the history of modern capitalism, crises are the norm, not the exception.
Nouriel Roubini
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I believe investors should invest for the long run, so I don't buy and sell. I usually maintain the classic index of global equities, diversified U.S. and global and emerging markets, and when the risk is larger, I diminish the amount in global equities and put more into liquid assets - but very irregularly.
Nouriel Roubini
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I believe, unlike people that are totally free-market, laissez-faire fundamentalists, that there is an important role that the government can play - one, in providing public goods, whether it's education, health care, or other things, and two, supervising countercyclical policy - stimulus, whether it's monetary, fiscal, or otherwise.
Nouriel Roubini
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I am quite international. My background, born in Turkey. My family is a Jewish family from Iran, so I went from Turkey to Iran to Israel, and then grew up in Italy and ended up in U.S. for graduate school. So I tend to look at things from an international perspective, and I think that gives you a little bit of a broader view of what's going on.
Nouriel Roubini
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The gains from technology must be channeled to a broader base of the population than has benefited so far.
Nouriel Roubini
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Technology is spurring innovation, and the so-called demographic dividend has brought change.
Nouriel Roubini
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I think it's true that the 1 Percent or the elite are living in a world of, maybe, excessive privilege, and they don't fully realize how much pain and suffering, how much anxiety exists out there.
Nouriel Roubini
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In an extreme credit crunch, leveraged purchases of gold cause forced sales, because any price correction triggers margin calls. As a result, gold can be very volatile - upward and downward - at the peak of a crisis.
Nouriel Roubini
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We're essentially continuing a system where profits are privatized and...losses socialized.
Nouriel Roubini
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What we need to understand is, one, that there are market failures and two, that there are things like asset bubbles and irrational exuberance. There are periods of booms, bubbles, and manias. These things, if left to themselves, can lead to crashes, to busts, to panics.
Nouriel Roubini
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If you worry about financial Armageddon, it is indeed metaphorically the time to stock your bunker with guns, ammunition, canned food and gold bars.
Nouriel Roubini
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I think investing in a good education has been key for me, although the investment was more in time than money.
Nouriel Roubini
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Gold has no increasing value. And if you're really worried about, say, inflation rising, I would buy Spam. You know, you can eat Spam. You cannot eat gold.
Nouriel Roubini
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Once you run current-account deficits, you depend on the kindness of strangers. This might be the beginning of the end of the American empire.
Nouriel Roubini
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I am just a normal human being - I am alive! Why is anyone surprised that I am human? Like many New Yorkers, I have a multifaceted life.
Nouriel Roubini
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I am not going to say I told you so, but I did.
Nouriel Roubini