Policy pitfalls in an asset-dependent world

In this week's edition of his weekly market commentary Morgan Stanley Chief Economist, Stephen Roach, says that American policymakers should stop blaming others for the global imbalances.

Roach argues that "never before has the world's leading nation experienced such a paucity of saving." He points out that America's net national saving rate, which consists of the depreciation-adjusted saving of individuals, businesses, and the government sector, averaged just 1% of national income over the 2004

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