Stephen Roach: Bernanke Is Just Rerunning Greenspan’s Movie

Morgan Stanley Stephen Roach interviewed by Wall Street Journal in "the Big Interview"

Here are some notes from the interview

-Double dip 40% next year
-Interest rates should be higher
-Bernanke is just rerunning Greenspan’s movie
-I would have voted against Ben Bernanke
-Bernanke-condones asset bubbles
-Chinese monetary policy is preemptive, US is reactive
-China property bubble in High end (10 major cities)
-China has micro bubbles (high end), but not a macro bubble (affordable-socially driven housing etc...)
-Demand is strong for China: 15-20 million people a year from countryside to urban areas
-Economists recommending fiddling around with currency are giving bad advice to political leaders and misleading the public
-Consumer should be more prudent in managing finances