Nouriel Roubini has been quiet for a few days, but you didn't think he was getting bullish, did you? Of course not. In fact, now that a global systemic financial crisis appears to have been narrowly averted, he has turned his attention to the next land mine: China.
China, says Nouriel, is at risk of a hard landing (which, for China, would mean a slowdown of growth to 5%-6%). The cause? The US consumer, of course.
That recent uplift in global stock prices? A "sucker's rally." The recent economic news in the US? "Worse than awful."