Have central banks sown the seeds of the next bust

In an article published Monday 3 July, Stephen Roach of Morgan Stanley says he is increasingly worried that history will not treat the recent record of central banking kindly.

"Over the past six years, monetary authorities have turned the liquidity spigot wide open," he says.

However, this has created an 'endless string' of asset bubbles - from equities to bonds to property to risky assets to commodities. "Central banks have ducked responsibility for this state of affairs," Roach says.

He calls

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