Stephen Roach

This Giant Isn't Sleeping
September 17, 2009

It’s now widely believed that the global recession is coming to an end, but the path out has been far from typical: This time around, China, not the U.S. has led the global recovery. With its $600 billion stimulus package and with banks lending with abandon, China has become the engine of global manufacturing and industrial activity.

Worth Reading
August 27, 2009

Bernanke feels your pain: the chairman falls prey to identity theft.  Fed may not spend all $1.25 trillion set aside for mortgage securities. Society won't necessarily benefit from a post-finance job market. An argument against the banning of flash-trades? Another defense of the Taylor Rule by its creator. Has the placebo effect become more powerful?

Worth Reading
August 25, 2009

A judge orders the Fed to identify banks that received emergency funds. Stephen Roach: The case against Bernanke's reappointment. The transformation of Citi-group into Citi-mae. Why Canadian banks didn't implode like their counterparts in America. Libertarian support for the bailouts.

Wretched Excess
December 03, 2001

After one of the best ten-year runs in economic history, the torrent of bad news flooding Alan Greenspan's office this January had to be jarring. The country had just seen its worst quarter of economic growth since 1995, and manufacturing activity had fallen to its lowest level since 1991. Spending by businesses on new plants and equipment had dropped for the first time in a decade. And the stock markets' decline, already nine months old, showed no signs of abating. So Greenspan lowered interest rates, over and over again.