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In Defense of the Fed
by Stephen S. Roach of Project Syndicate, 12/24/18

Despite howls of protest from market participants and rumored threats from an unhinged US president, the Federal Reserve should be congratulated for its commitment to normalizing interest rates. There is simply no other way to break the US economy's 20-year dependence on asset bubbles.

The Current Account Counts
by Stephen S. Roach of Project Syndicate, 8/27/18

Despite the US government’s recent upward revision to personal saving data, the overall national saving rate, which drives the current account, remains woefully deficient. And the major surplus countries – Germany, China, and Japan – have been only too happy to go along for the ride.

When Politics Trumps Economics
by Stephen S. Roach of Project Syndicate, 6/25/18

The Trump administration seems to believe that America has reached a propitious moment in the economic cycle to play power politics. But can this approach offset the increasingly tenuous fundamentals of a saving-short US economy that continues to account for a disproportionate share of global military spending?

America’s Supply-Side Scam
by Stephen S. Roach of Project Syndicate, 11/24/17

Congressional Republicans' proposed tax cuts are no recipe to "make America great again." Lacking in saving, outsize US budget deficits spell nothing but serious trouble ahead on the balance-of-payment and trade fronts.

America's Renminbi Fixation
by Stephen S. Roach of Project Syndicate, 4/26/12
For seven years, the US has allowed its fixation on the renminbis exchange rate to deflect attention from far more important issues in its economic relationship with China. The upcoming Strategic and Economic Dialogue between the US and China is an excellent opportunity to examine and rethink Americas priorities.

Chinas Stability Gambit
by Stephen S. Roach of Project Syndicate, 3/26/12
Given centuries of turmoil in China, todays leaders will do everything in their power to preserve political, social, and economic stability. That is why they removed Bo Xilai, the powerful Party Secretary of Chongqing, just before a major conference that attacked the economic model that he personified.

Asias Take on Austerity
by Stephen S. Roach of Project Syndicate, 2/28/12
With Europe on the brink of recession and recovery in the US finally getting some traction, the case for fiscal consolidation appears increasingly weak. But the case becomes stronger when one considers Asian countries' path from crisis in the late 1990's to astounding growth and prosperity today.

Chinas Connectivity Revolution
by Stephen S. Roach of Project Syndicate, 1/26/12
Long the most fragmented nation on earth, a new connectivity is bringing China together as never before. Its Internet community is expanding at hyper speed, with profound implications for the Chinese economy, to say nothing of the countrys social norms and politics.

Why India is Riskier than China
by Stephen S. Roach of Project Syndicate, 12/27/11
Today, fears are growing that China and India are about to be the next victims of the ongoing global economic carnage. Yet fears of hard landings for both economies are overblown, especially regarding China.

Another Asian Wake-Up Call
by Stephen S. Roach of Project Syndicate, 11/28/11
For the second time in three years, global economic recovery is at risk, with the crisis in 2008, triggered by subprime crisis made in America, now followed by Europe's sovereign-debt crisis. The alarm bells should be ringing loud and clear across Asia an export-led region that cannot afford to ignore repeated shocks to its two largest sources of external demand.

America's Other 87 Deficits
by Stephen S. Roach of Project Syndicate, 10/28/11
The US runs a huge trade deficit with China, but it also runs deficits with 87 other countries. These deficits cannot be fixed by putting pressure on one of the bilateral components but try telling that to Americas growing chorus of China bashers.

Chinas Landing Soft not Hard
by Stephen S. Roach of Project Syndicate, 9/30/11
China has no choice but to move quickly to implement the pro-consumption initiatives of its recently enacted 12th Five-Year Plan. Strategic transition is what modern China is all about. Thats what happened 30 years ago, when economic reform began. And it needs to happen again today. For China, a soft landing will provide a window of opportunity to press ahead with the formidable task of increasingly urgent economic rebalancing.

One Number Says it All
by Stephen S. Roach of Project Syndicate, 8/25/11
The average annualized growth of US consumer spending over the past 14 quarters-calculated in inflation-adjusted terms from the first quarter of 2008 to the second quarter of 2011 is 0.2%. Never before in the post-WWII era have American consumers been so weak for so long. This one number encapsulates much of what is wrong today in the US-and in the global economy. The US economy-as well as the global economy-cannot get back on its feet without the American consumer. Its time to look beyond ideology-on the left and right-and frame the policy debate with that consideration in mind.

Read Chinas Lips
by Stephen S. Roach of Project Syndicate, 7/27/11
China, the largest foreign buyer of US government paper, will soon say, enough. Yet another vacuous budget deal, in conjunction with weaker-than-expected growth for the US economy for years to come, spells a protracted period of outsize government deficits. It is no longer willing to risk financial and economic stability on the basis of Washingtons hollow promises and tarnished economic stewardship. The Chinese are finally saying no. Read their lips.
14 results found.