A bear hug from Stephen Roach

Morgan Stanley''s chief economist urges China to consume and the US to save.

The cocktail party test has to be one of the world's most reliable economic indicators. If you save in America and you talk about it at a cocktail party, people make fun of you, says Stephen Roach, managing director and chief economist at Morgan Stanley. People talk about their big houses and their broker.

Roach, who is well known for his gloomy outlook on the US economy, was addressing the luncheon crowd at the Morgan Stanley Asia Pacific Summit held at the Mandarin Oriental in Singapore, which this year has attracted 150 companies from the region and more than 500 investment professionals.

His speech, entitled for the...

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