I think globalization actually maintains and fosters various elements of national and cultural identities. I don’t think everything is being homogeni… - Nouriel Roubini

The challenge we face is how to integrate the Muslim world into the global economy. Asia has become part of it, but not Africa or the Middle East.<p>One could realistically think about a Marshall Plan with respect to this part of the world, to succeed in integrating the Muslim and Arab world into the global economy as we did in Europe after World War II. For example, we’ve wasted hundreds of billions of dollars on the Iraq war. Had we taken a third of this money and invested it into a Marshall Plan for the Middle East, the benefits would have been ten times more than wasting it on a war.

Janera:: Do you think then that it’s good that the French are abolishing the headscarves or the yarmulke?
Roubini: I’m not in favor of restricting what people wear. It’s counterproductive and creates more separation. The effect of the French policy is that children will attend a religious school and won’t be exposed to the secular education that France offers. They won’t learn the value of western modern secular values.

We cannot achieve price stability, maintain economic growth and have financial stability at the same time. So in the end we will have an economic and financial collapse.