Stephen Roach: “I think that one of the problems we had in the aftermath of the bursting of the equity bubble is that Alan Greenspan kept the policy rate too low for too long, set us up for credit and property bubbles that led to an enormous crisis…I think Ben Bernanke is just rerunning the Greenspan movie of seven or eight years ago.”
Does anyone else have bubble fatigue? The western world doesn’t like pain. That’s understandable. And we lack foresight. That’s unfortunate. But will this lead to our downfall? After all, our adversaries and global competitors have proven repeatedly that they are willing to sacrifice for the future.
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