Roach has access to a slightly higher level of policy makers than either the author - or I suspect most of the readers - of this blog.   Particularly in China.   He didn't learn of Wen's critique of …

Subtitle: some parts of the IMF might want to reread Keynes. China, as we have discussed, saves too much and consumes too little.  It consequently finances both its own (exceptionally rapid) industri…

Stephen Roach made three arguments last Friday. I disagree with two of them, but agree with the third.  And the third is by far the most important.   But before getting to the point of agreement, the…