For the last three years, we've had a two-engine world the Chinese producer and the American consumer. Both engines are going to slow down. The debate will be whether this two-engine global 747 is in danger of stalling.
More Quotes from Stephen Roach:
The risk is that he will be blind-sided, as his predecessors were, very early in his tenure by something he is not all that well prepared for and by something that the markets do not have confidence in him for.Stephen Roach
China's senior leadership gets it while many outside the country do not.
Stephen Roach
The same distortions, in my view, could well be explaining a lot of the recent strength in the remainder of the U.S. data flow. If that's the case, all it will take is for the weather to return to normal and the seasonally adjusted data will fall like a stone.
Stephen Roach
There is good reason to believe that a sharp weakening in the value of the U. S. currency is essential to the global rebalancing that must begin to take place if the world's current account imbalances are to be corrected,
Stephen Roach
If that's the economic model, China is in trouble.
Stephen Roach
You've got war, SARS, uncertainty, and imbalances that will prevail after the war is over and until a cure for the disease is found.
Stephen Roach
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