His scribe here makes very intersting reading:
http://www.morganstanley.com/GEFdata/di ... ml#anchor0
Stephen Roach wrote: All this points to what could be the biggest macro call that any of us will have to make for a long time -- the capitulation of the unflinching American consumer. Needless to say, this would have profound implications for the rest of the global economy -- largely a US-centric world that is utterly lacking in support from autonomous domestic consumption.