Nouriel Roubini is seeing signs that we are “entering bubbleterritory” in nearly a score of developed and emerging marketscountries that he warns “looks like a slow-motion replay of thelast housing-market train wreck.”

In a Nov. 29 opinion piece appearing on Project Syndicate, the NYU professor and economist says thesigns of “frothiness” include fast-rising home prices, high andrising price-to-income ratios and high levels of mortgage debt as ashare of household debt. Aided in the developed countries by verylow short- and long-term interest rates, and considering their slowGDP growth, low inflation and high unemployment, “the wall ofliquidity generated by conventional and unconventional monetaryeasing is driving up asset prices, starting with home prices.”

In the developed world, Roubini sees the beginning of bubbles inEurope (Switzerland, Sweden, Norway, Finland, France, Germany andat least in London in the U.K.) in North America (Canada) and inAustralia and New Zealand. Bubbles are appearing in EM countries(though he says the “situation is more varied”) in those countries:Hong Kong, Singapore, China, and Israel and in major cities inTurkey, India, Indonesia and Brazil.

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James J. Green

Jamie Green is editor of Jamie Green Reports, an advisor-focused writing, editing and shepherding service. He can be reached at [email protected]. Jamie is former Group Editorial Director of the Investment Advisory Group at ALM Media, where he had overall editorial responsibility for and Investment Advisor and Research on Wealth magazines, monthly print magazines that have served advisors of all kinds for more than 30 years. In more than 30 years of experience in print and electronic journalism, Jamie has been covering the investment advisory industry since 1999. In the 1990s he worked for nine years at The New York Times, where he was editor of TimesFax, an electronic version of the newspaper of record now known as TimesDigest. In the 1980s he was editor of Tele/Scope, a pioneering electronic news service based in New York, and was editor of Telecommunications Research, a monthly journal. He holds a bachelor's degree in philosophy from St. Hyacinth College in Granby, Massachusetts, and studied theology on the graduate level at St. Anthony-on-the-Hudson, Rensselaer, New York.