Yes, that’s $2 trillion of debt-related losses

That’s what permabear Nouriel Roubini says is coming in a Barron’s interview. Only $300bm has been written down so far.

Barron’s: Unfortunately for the rest of us, you have a pretty good track record. How much more misery lies ahead?

Roubini: We are in the second inning of a severe, protracted recession, which started in the first quarter of this year and is going to last at least 18 months, through the middle of next year. A systemic banking crisis will go on for awhile, with hundreds of banks going belly up.

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