September 29, 2008

China to USA: A fish doesn’t stink from the tail

The 2008 summer session of the World Economic Forum has concluded in Tianjin, China, with harsh words from China bank regulator Liu Mingkang who criticized the US financial industry for getting the world into the current credit and liquidity mess. The oft quoted and widely respected Chairman of Morgan Stanley Asia, Stephen Roach, said the "The US will have its version of Japan’s lost decade" now.

The consenus appears to be that economic growth will come soley from Asia in the years ahead with all eyes on China primarily.

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