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Stephen Roach Says It's Time To "Take Out The Baseball Bat On Paul Krugman"

March 19, 2010 – Comments (2)

MY COMMENT: Paul Krugman is a sociopath, who lacks any shame or guilt.  He has made "the science" of Economics equal to the "the science" of astrology.

 Zeohedge reports here:

Stephen Roach Says It's Time To "Take Out The Baseball Bat On Paul Krugman"

Submitted by Tyler Durden on 03/18/2010 22:11 -0500

The Chairman of Morgan Stanley Asia is about as direct as one can be in the following Bloomberg interview: "We should take out the baseball bat on Paul Krugman -- I mean I think that [his] advice [to push China to revalue the Renminbi] is completely wrong.” Well, somebody had to finally say it. So instead of pointing the scapegoating finger somewhere else, which seems to be the norm these days (cue G-Pap and his quadrillionth repetition that Greece is perfectly solvent and that unless somebody bails him out (ignore the lack of logic for a second), he will start playing Russian roulette with a fully loaded gun), Roach looks in the mirror: "America does not have a China problem. America has a savings problem. America has the biggest savings shortfall of any leading country in modern history, When you don't have savings you have to run current account deficits to import surplus savings from abroad and run massive trade deficits to attract the capital... Isn't it the height of hypocrisy that America can articulate a particular position in its currency but the Chinese are not allowed to do that." Also some not so kind words about Senator Schumer: "He always has a view no matter where the Renminbi is, that it is 27.5% undervalued."

Paul Krugman replies

http://www.zerohedge.com/article/stephen-roach-says-its-time-take-out-baseball-bat-paul-krugman