America, not Asia, will lead the recovery

For the past couple of years I have been saying that America would have to rebound first and firm up some demand before the world economy can climb out of this downturn. More bullish commentators have assured that Asia could rebound without the West.
Stephen Roach of Morgan Stanley explained (again) on CNBC yesterday, why hopes for the East to rebound before the West are unfounded in reality.

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