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James's avatar

Hat's off Stephen; I've been reading your work during and since Morgan Stanley, and always tune in during your appearances on Bloomberg TV. Thank you for sharing your top-calibre insight.

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Fernando's avatar

Thanks for all the insights now and over the decades! A tough and fair analysis of the global macro economic challenges and opportunities since my MS graduate program all those years ago!

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Ed Moulin's avatar

Stephen,

You probably don’t remember me. I was an Executive Director in Government Relations at MS from 1997 until I retired in 2016. You were kind enough to help me furnish a well organized presentation to the Budget Directors and their staffers for both NYS and NYC. I have been a big fan of your underlying economic philosophy ever since.. And, I continue to send copies of your books as well as links to your Substack commentaries to friends and former colleagues.

Yours was a voice in the wilderness within the firm during the 2007-8 difficulties that both nearly blew up the financial economy as well as MS itself. I clearly recall your concerns and advice in early 2008 about the predicted consequences of the overheated housing market and the rush to securitize every last mortgage to place into bonds.

Val Kaye, who you may remember led the securitization desk, sat briefly for an interview with me. The absence of any common sense compliance protocols to even identify these mortgages much less the separation of interest and principal portions with attached Credit Default Swaps that were packaged in a more or less secret laboratory within the firm convinced me that your call about a recession was correct. And, I altered my own investment strategy to follow your advice.

I fully understand your concern for the dangers inherent in the current state of the US -China economic codependency. However, I do miss the kind of broader analysis of your reports as the firm’s Chief Economist prior to John Mack’s appointing you to head the China Office. The current crisis of democratic capitalism reminds me too much of past political/economic crises, such as that of 2008. Or 1929. We are living in dangerous times. I salute your efforts to keep us informed and to highlight areas of concern less covered by the mainstream media. But, I also hope you will share with us your analyses and opinions of economic and political problems, more broadly.

Thank you for your continued efforts.

Ed Moulin

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Stephen Roach's avatar

Thanks very much for your kind and thoughtful comments. As I wrote yesterday, that spirit of engagement that first drove me at Morgan Stanley still fuels me today. Comments like your encourage me to keep going.

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Joe brambil's avatar

I love the commentary and go back to your MS days as well. Not your issue but there needs to be a sunstach bundle where for a reasonable price you get to customize a basket of authors.

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AmarilloRed's avatar

Mr. Roach

I like your work as well, thought provoking for me. I followed your riding when you were with Morgan Stanley, as I recall, you were a reading voice in speaking to speaking to China’s potential then.

Question, is there a way to make a one time contribution to your work on this platform?

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Stephen Roach's avatar

Thanks for your kind feedback. Afraid I don’t know the answer to your contribution question. I will check with Substack and get back to you.

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Stephen Roach's avatar

The Substack chatbot didn’t know either. My guess is just opt for an annual paying subscription — and then turn it off once the payment goes through.

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