Stephen Roach Quotes


Today's German angst has much in common with the experience of the American worker in the early 1980s and again the early 1990s. For both cases in the U.S., there was no gain without pain. Germany is certainly going through the pain phase, but the gains cannot be minimized. - Stephen Roach


To the extent that hiring in high-wage, developed economies continues to lag, the sustainability of any impetus to private consumption can be drawn into serious question. - Stephen Roach


To the extent such a payback is likely after the current spending burst, it could act as a sharp depressant on overall demand growth in subsequent quarters... That development, in the context of a lingering jobless recovery, could raise serious questions about the staying power of America's current cyclical resurgence. - Stephen Roach


This is the year to watch out carefully for the end of the great American spending binge. - Stephen Roach


There's a little bit of a sign of rust but no sign of bust in the U.S. property market. The weakest link of the global economy in 2006 is the U.S. consumer. - Stephen Roach


There is good reason to believe that a sharp weakening in the value of the U.S. currency is essential to the global rebalancing that must begin to take place if the world's current account imbalances are to be corrected. - Stephen Roach


There is a dangerous degree of complacency, and out of that comes a surprise that does the most damage to the global economy. - Stephen Roach


The West always seems to expect a hard landing in China. Yet in three instances over the past decade, China has proved the doubters wrong. - Stephen Roach


The vulnerability of the over-extended American consumer can hardly be taken lightly. That could well be a big problem for the rest of a US-centric global economy. - Stephen Roach


The United States has long drawn comfort from the quality differential of its educational system. However, in the Internet Age with its ubiquitous diffusion of knowledge, innovation, and technological change, that may turn out to be an increasingly false sense of security. - Stephen Roach


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