>the most sensible establishment analyst, Stephen Roach
>as for the global economy he is reliably permabearish
So "sensible" = "permabearish"? I'm reminded of my late friend John Liscio's nickname for him from almost 15 years ago - "Stephen Roach 'Motel - the data check in but they don't check out.'" A cheap joke, yeah, but I don't see how a permabear could explain the rise of capitalism over the last, oh, eight centuries.
Doug