You know the way some people gush over movie stars and athletes? With a Sun/Mercury/Saturn in financially-minded Capricorn opposing a cyclical Cancer Moon, I get a little starry-eyed over economists.
Maybe the reason why practitioners of the so-called Dismal Science get my heart beating a little faster is because I secretly consider them to be fellow travelers. After all, both economists and astrologers spend their time poring over charts and making prognostications. This reminds me of one of my favorite quotes, from economist John Kenneth Galbraith: “The only function of economic forecasting is to make astrology look respectable.”
I’m out of town so I’m just catching up with this New York Times Sunday Magazine story on Nouriel Roubini, whom I quoted in my Minsky post. Don’t have time to read it right now? Here’s a key point:
Only a handful of 20th-century economists have even bothered to study financial panics. (The most notable example is probably the late economist Hyman Minksy, of whom Roubini is an avid reader.) “These are things most economists barely understand,” Roubini told me. “We’re in uncharted territory where standard economic theory isn’t helpful.”
The NYT has dubbed Roubini “Dr. Doom.” Want to know the last time the mainstream media nicknamed an economist Dr. Doom? Interestingly enough, it was when Saturn was last in Virgo, 29 years ago. In the late 1970s and early 1980s, Salomon Brothers chief economist Henry Kaufman had that moniker. Kaufman was a talking head who influenced markets during the tenure of Federal Reserve Board Chairman Paul Volcker. You can read about that period here.
I love the symbolism: Dr. Doom as a finance icon is having his Saturn return! By the way, the original Dr. Doom is still going strong at age 80. Henry Kaufman runs an eponymous consulting firm and gets a seat on the dais at Economic Club of New York functions in honor of his longevity.
Why is Roubini, the new Dr. Doom, getting so much ink right now? He is an Aries born Mar. 29, 1958, according to the Wiki. You can see Roubini’s chart with transits and progressions of Aug. 17, the day the NYT article was published, here courtesy of Astrodienst.
Interesting that Roubini’s progressed Sun and Moon are conjunct in late Taurus. This often signifies marriage or the beginning of a new creative partnership. The economist’s got the transiting North Node, which is traveling with Neptune and Chiron, on his Venus/natal Chiron in Aquarius right now. The Sun was a little past an opposition to his Venus on Aug. 17.
The transiting North Node, which is good for connections with the public, is bringing attention from the media, and increasing Roubini’s popularity, though the article mentions his perennial “outsider” status. I believe this reflects the conjunction of Chiron, the Wounded Healer, with Venus in his natal chart. The son of Iranian Jews who was raised in Turkey, Roubini is an immigrant. So is the original Dr. Doom, Henry Kaufman, whose family left Germany to escape Hitler after living through the hyperinflation of the 1920s.
Let’s hope the two Dr. Dooms, and the rest of us, don’t have to live through U.S. hyperinflation of the 2010s.