"We see 2010 becoming a much more risky year than 2009," economist

 Nicu Harajchi, CEO of N1 Asset Management, told on Friday that the current global recession will likely take the form of a Nicu Harajchi, CEO of N1 Asset Management,” noting that stimulus hasn’t done any good to ordinary people. He said that it is Wall Street who makes money but not consumers.

"We have seen the G20 coming out with cross border capital injections of $5 trillion this year… But a lot of this money hasn't really come down to Main Street," he said.

"When it comes down to corporate America, corporate Europe or even in Asia, in Japan, we are not seeing Main Street making any money," he said. "Consumers are losing their jobs. They are struggling with their mortgages, with their credit. And we are just seeing this continuing." 

$5 trillion of injections were called by Harajchi as “monetary expansion” that will eventually turn into money contraction. "At some point, which we believe to be 2010/11, some of the central banks are going to recall some of that money and that will turn from monetary expansion to monetary contraction." 

Harajchi says there are no signs that companies and the public can pay back this debt.

"We see 2010 becoming a much more risky year than 2009," he said.

Harajchi said unemployment data are "a leading indicator" instead of a lagging indicator.