Steven Roach starts to worry
Posted: 15 Aug 2005, 22:35
For those not familiar, Steve Roach (at Morgan Stanley) appears to be one of the few "regular" economists with a real grasp on true issues.
His scribe here makes very intersting reading:
http://www.morganstanley.com/GEFdata/di ... ml#anchor0
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.