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NYU's Roubini Sees Risk of `Severe Global Depression'

NYU's Nouriel Roubini Sees Risk of `Severe Global Depression' with a generalised run on the banking system. He suggests that there is an immediate requirement (this weekend) for a temporary blanket guarantee on ALL deposits in the US, Europe and other advanced economies. Those banks which should be rescued will need to be recapitalised by the governments.

http://www.bloomberg.com/avp/avp.htm?N=av&T=NYU%27s%20Roubin...

Perhaps Berlusconi wasn't far off the mark?