err...that was supposed to be STEVEN Roach...or is it Stephan??
Lets try STEPHEN
Replace Americans with Australians and you're spot on... Bad. Really bad but true which makes it even worse. So let's make money out of this market as long as we can.Americans, Roach says, are far too dependent on the value of their assets, especially their homes, rather than on income-based savings; they are running a huge current-account deficit
Ah, how it pleases my soul to read these words."the biggest bubble of all: residential property."
We talked about this months ago here. Maybe these guys should have contacted us prior to their report. We could have saved them some time"Asia and Europe are increasingly dependent on overly indebted U.S. consumers, while those consumers are increasingly dependent on Asia's interest-rate subsidy. The longer these imbalances persist, the greater the likelihood of a sharp adjustment. A safer world? Not on your life."
Very interesting article, Wayne.
Have a nice weekend
Last edited by stefan; 8th-January-2005 at 10:00 AM.