Morgan Stanley's Steve Roach on Global Imbalances
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I have been reading Steve Roach's economic analysis from Morgan Stanley for some time. His analysis of the balance of trade problems of the US strikes me as prescient. It is also I think consistent with Krugman's comments discussed in yesterday's blog.

Look at, for example, his September 15th column:

http://www.morganstanley.com/GEFdata/digests/20030915-mon.html

Alistair Davidson
www.eclicktick.com