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Insider: 'Global Economy Near Tipping Point'
This was interesting to me since the investment firms report mostly rosey outlooks on the economy. This is the second or third time Roach has cautioned the public as to the finacial crisis we are facing. Just thought I would pass it along. -- SB
In his company newsletter March 18, Morgan Stanley economist Stephen Roach warned strongly about a new, severe phase of the financial crisis. "It is only with the great luxury of hindsight that we can look back and know that the proverbial bell has rung. In my view, March 16, 2005 could end up in the running as a possible tipping point for America. Suddenly, the U.S. has taken on a very different aura in an increasingly unbalanced world: The confluence of a record current account deficit, a disaster from General Motors, and yet another new high for oil prices all speak of an increasingly precarious role for the global hegemony. World financial markets have barely begun to sniff that out."
This is especially interesting in light of the fact that the former Malaysian Prime Minister Mahathir Mohamad has warned that the dollar is in danger of imminent collapse.