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July 20, 2004
Global Economic Issues
I wanted to draw attention to two important commentaries in The Financial Times (I believe today's print edition). One, The asset economy is a house of cards by Stephen Roach, Morgan Stanley chief economist, and the companion by my favorite man, Martin Wolf, entitled "Strong world growth masks medium-term risks both draw attention to important imbalances and indeed bubbles in the asset economy, and in international exchange in the case of Wolf.
In particular, I would note that both feel the asset prices, housing notably, are well out of line with sustainable valuations, and in the case of Wolf and in re dollar, its level must come down.
As for me, I see some real serious risks for me to hold dollar assets, given my exposure to Eurozone and indeed most of my consumption is euro tied.
Posted by The Lounsbury at July 20, 2004 06:25 PM
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Jan-Jul 2004
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