Foreign Policy — A bear in a China shop

Stephen Roach, chairman of Morgan Stanley Asia, is an unusual Wall Street banker. In his previous incarnation as the investment bank’s chief economist, Roach was one of the few who actually warned against both the tech bubble at the end of the 1990s and the credit bubble a few years ago. He characterized the former Fed Chairman Alan Greenspan as a “serial bubble blower.” And he sounded alarm about America’s overconsumption and debt binge. His bearish views, of course, earned him few friends during the bubble years.

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