Roubini is a showman. His predictions are constantly wrong. I stopped reading his guff two years ago.
The Euro may eventually collapse and has no justification for its existence, but they will prop it up for some time. It was the European banks that were the bigger issue, and the ECB has created money out of thin air and is giving it to the bankrupt banks to buy the bonds of the bankrupt Eurozone govnuts (ie ponzi finance).
Japan has been printing like made for 20 years and running govnut deficits (national debt about 220% of GDP) so the Eurozone could potentially support their ponzi scheme for a few more years. So long as Germany etc are willing to support this and their credit rating has not been junked.
China is not going down - they will stimulate their economy as needed - too bad about inflation there. They prefer inflation to economic stagnation.
In the meantime we play the markets as best as we can. Do not fall in love with the companies - they will not love us back, as far as I know. There are sure to be many major corrections along the way - 15-30% - to provide opportunities for the nimble (not me).
