Warned the U.S. housing bubble and subprime excesses would trigger a banking collapse and global recession, the effects of which reverberated worldwide.

Nouriel Roubini is best known for having predicted the Global Financial Crisis (GFC) of 2007-09.
He was indeed one of the very few who, already in the middle of 2006, predicted that the US housing bubble and subprime excesses would lead to housing and mortgage bust.

He also correctly forecasted that the housing and subprime bubble bust would lead to a banking crisis and to a severe recession that, given the financial linkages between the US and the rest of the world would cause a global financial crisis and severe global recession.

He also correctly pointed out that the housing bubble existed not just in the US but in other parts of the world: Dubai, Iceland, UK, Spain, Portugal, Greece, etc. Thus, the bursting of such bubbles – together with the existence of large stocks of public debt – would trigger a twin private and sovereign debt crisis in parts of Europe and the Eurozone.

He correctly predicted the sovereign distress faced by a number of Eurozone economies, including the insolvency of Greece and the need to restructure its public debt.