Global stock markets may slip soon, as share prices have “gone up too much, too soon, too fast,” says former White House economist Nouriel Roubini.

In an interview with Bloomberg News, the New York University professor said global equities may suffer a “major decline” after climbing to their highest levels in nearly a year.

Stocks have soared around the world in the past six months as evidence abounds that the economy is emerging from the deep recession.

The Standard & Poor’s 500 Index has climbed 51 percent from a 12-year low in March while Europe’s Dow Jones Stoxx 600 is up an amazing 48 percent. The enthusiasm starkly contrasts with forecasts and fears from policy makers and investors.

“The real economy is barely recovering while markets are going this way,” Roubini commented.

“I see the risk of a correction, especially when the markets now realize that the recovery is not rapid and V-shaped, but more like U-shaped. That might be in the fourth quarter or the first quarter of next year.”

The worldwide equities boom has added about $20.1 trillion to the value of stocks worldwide since March 9. Central banks have cut interest rates to close to zero in efforts to spark growth.

“We need monetary and fiscal stimulus to avoid another tipping point and to avoid deflation, but now this easy money has already started to create asset bubbles in equities, commodities, credit, and emerging markets,” said Roubini.

Others concur. Stock market bulls are slowing their pace, a bit, and upcoming earnings reports will demonstrate whether they keep going forward, a report by the Associated Press indicates.