Greenspan's remarks appear to be more balanced than in the past. He is moving into closer alignment with what has become accepted practice in most central banking circles. Missing, however, is what a central bank should do in order to avoid the pitfalls of excess dependence on overvalued assets.
More Quotes from 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
It's time to make it official. The downside risks we have been warning of over the past several months are now coming to pass.
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Growth has been chronically weak when compared with any expansion of the past 40 years.
Stephen Roach
I honestly believe that if China were to revalue its currency upward by 10 percent -- a change I do not expect nor advise -- its exports would suffer minimal loss of market share,
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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.
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Once viewed as an unparalleled opportunity, the Chinese miracle is now being viewed as a threat by both the U.S. and Japan.
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Based on Topics: Past QuotesBased on Keywords: alignment, greenspans, overvalued, pitfalls
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