Roubini, aka Dr. Doom, is at it again with his pessimistic analysis.  In an interview with CNBC on Saturday, Roubini said the probability of QE3 will become significantly higher if US economic weakness persists and the stock markets correct 10 percent or more.

S&P 500 is already down 5% for the month of June.

Here are some of the sound bites from Roubini's interview:

Especially because we cannot do another round of fiscal stimulus, the pressure is going to be on the only policy that is available, [that] is another round of quantitative easing, he said.

You have the problems of rising oil prices, of [a] weak labor market, of housing double dipping, the fiscal problem in the state and local government, the facts of the federal deficit problem, he said.

All these things imply that economic weakness could persist in the second half of the year.

Troubled EURO ZONE Economies

They're still in risk and they've not been resolved and [will] eventually require debt restructuring.

Outflow of Capital away from Emerging Markets

First of all, the FED is not going to raise interest rates for a long time; two, they're not going to reduce base money, he said. And if they're not going to increase it further, and therefore the fundamentals of relative growth differentials, or relative interest differentials and still a wall of liquidity chasing assets are going to imply that money could flow and continue to flow into emerging markets.

China's Battle against Inflation

One is whether the increase in oil, energy and commodity prices is going to continue, he said. Two, it depends on how much China is able to slow down their economy through monitoring their credit and other types of controls and they've done somehow but they've not done enough.

Read: David Tepper: No QE3, unless Stocks Drop More

Read: Goldman: QE3 Optimism is Excessive

Read: Top Economic and Market Forecasters Predict: QE3 Is Coming

Read: Fed's Fisher: No need for QE3, US Dollar Implications