The combination of trade, currency, monetary, fiscal, immigration, and foreign policy of Trump poses much higher risks of stagflationary outcomes than if Kamala Harris is elected,” said economist Nouriel Roubini.

Nouriel Roubini, the famed economist who’s earned the nickname “Dr. Doom” for his prescient predictions of the global financial crisis, has a new warning: a Donald Trump return to the White House raises the risk of a stagflationary shock.

Roubini says investors should buy defensive assets like gold and Treasury inflation-protected securities.