“Europe, like America, is “not crater-ing,” and is not going to change the shape of the US recovery, he said.”
On the global economy, Welch thinks economic pundits such as Nouriel Roubini, nicknamed “Dr. Doom,” are too negative, and the idea that business is bad these days is wrong. On Tuesday, Roubini told CNBC that the risk of a double-dip recession is growing, especially in the euro zone, where restructuring Greece’s debt is inevitable.
Europe, like America, is “not crater-ing,” and is not going to change the shape of the US recovery, he said.
However, he said there is a mismatch of economic and political sensibilities between European nations, which makes operating a common currency extremely tough, according to Welch.
He welcomed the decline in the currency, which has been overvalued for a while. “The euro could go below a buck,” Welch predicted.
…..read more of what Jack Welch former Chairman of GE has to say about BP HERE