There's nothing like a good sovereign crisis to bring mega-bear Nouriel Roubini out of the woods.
But since he's been so right about so many other things in the past, you can ignore him at your own peril.
Now with Spain, Portugal, Greece and the rest of the Eurozone swimming in some deep water, the famed economists has returned with some more dire talk.
From CNBC by Patrick Allen entitled: Greece Just Tip of Debt Crisis Iceberg: Roubini
"The sovereign debt crisis will get worse and bond vigilantes could move on to even bigger economies like the United States and Japan when they are done sweeping through vulnerable European nations, according to economist Nouriel Roubini.
With government debt across the world soaring, the man who predicted the credit crunch is predicting a reckoning.
"The recent problems faced by Greece are only the tip of a sovereign-debt iceberg in many advanced economies," Roubini told readers of his RGE Monitor Web site.
"Bond-market vigilantes already have taken aim at Greece, Spain, Portugal, the United Kingdom, Ireland, and Iceland, pushing government bond yields higher." "Eventually they may take aim at other countries - even Japan and the United States — where fiscal policy is on an unsustainable path," he wrote.
Roubini said he fears failure to learn the lessons of the credit crisis will simply mean a bigger, more dangerous crisis is just around the corner.
"There is a lot of talk about better regulation and supervision of the financial system but the financial industry is back to business as usual — rebuilding leverage, engaging in prop trading and other risky behaviour, compensating bankers and traders with indecent bonuses — and is lobbying against better regulation and supervision," he said.
'Governments are talking about reforms but almost no one has implemented them.'"
I'll say it again: The status quo cannot possibly be maintained.
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