Global stock markets are still under correction. Major indices haven't succeeded to rally after they bottomed on March this year. Last week Dow Jones Industrial Average has turned into the bear market by drop more than 20% from recent October high. Market lab show still Head and Shoulders bearish pattern for S&P 500 and DJIA on weekly basis. We have closed 4 consecutive weeks in negative for broad US indices.Iran tension and weak USD lift crude oil to new all time high. Another commodity supported by current market conditions is gold by endless sub-prime mortgages financial crises.Worse earnings reports are dragging down shares which again triggers selling pressure on US dollar. Which makes vicious spiral.Outflow from US dollar and shares helping some markets and their currencies. Especially economies growing still at modest pace. Have a look to Czech currency Koruna. Despite 20% appreciation ...

Nouriel Roubini, professor at New York University and chairman of RGE Monitor, is renowned for his bearish stance on the US economy and stock markets. Aline van Duyn, US Markets Editor of the Financial Times, has just conducted a three-part video interview with Roubini on a variety of topical issues.

In Part 1 Roubini shares his pessimistic outlook for the US economy. He does not expect a short and shallow recession, but believes it will last 12 to 18 months. He expects the housing recession to get worse; a contraction of consumption; and problems in the financial system well beyond sub-prime mortgages, into residential mortgages, commercial real estate, consumer credit, leveraged loans, corporate bonds and municipal bonds.

Click here or on the image below for Part

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