By staying disciplined with regard to inflationary policy, the Fed nips any inflationary expectations in the bud.
More Quotes from Stephen Roach:The case for a classic U.S. current account adjustment grows more compelling. This could lead to renewed weakening of the dollar and higher long- term real interest rates.
I am feeling better about the prognosis for the world economy for the first time in ages.
Consumers have stagnant real wages and they are getting hit with the shocks of higher energy prices. This is not a good combination for the overstretched consumer.
For all of China's efforts to create a vibrant domestic market, its economy is highly dependent on exports. China's economic model these days is very much a levered play on the staying power of the overly extended American consumer, ... That's a tough place to be for any economy in an energy shock - even China.
Trade liberalization is a plus for global growth, no question about it.
This is the year to watch out carefully for the end of the great American spending binge.
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