Stephen Roach War Quotations

An extraordinary deflationary shock in tradable goods has coincided with outsize disinflation in services, resulting in the most deflation-prone business cycle of the modern post-World War II era.

It's time to make it official. The downside risks we have been warning of over the past several months are now coming to pass.

You've got war, SARS, uncertainty, and imbalances that will prevail after the war is over and until a cure for the disease is found.