Stephen Roach of Morgan Stanley argues that the weakness of emerging economies is no longer their dependence on external finance, as in the 1990s, but their dependence on external demand.

摩根·士丹利的史蒂芬·罗奇认为，新兴经济国家的弱点已经改变，在1990年代，它来自于对外部资金的依赖，现在对外部需求的倚重却成为其软肋。

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Stephen Roach, David Rosenberg and a few other financial sector analysts warned about the shopped-out, savings-less, bubble-addicted and debt-burdened U.S. consumer.

斯蒂芬·罗奇，大卫·罗森伯格和其他几位金融部门分析家警告了美国消费者的过度购买，过少储蓄，泡沫癖好以及债务重负。

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As the American consumer now capitulates, the export bubble is the next to go, "the chairman of Morgan Stanley in Asia, Stephen Roach, said."

摩根·士丹利亚洲区董事长罗奇说：“美国消费者此刻收手，下一个要破的就是出口泡沫。”

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And then there's economist Stephen Roach, the Morgan Stanley bear every bull loves to gore.

FORBES: Magazine Article

Stephen Roach, an economist at Morgan Stanley, thinks it could soon fall much more rapidly.

ECONOMIST: To cut or not to cut

Stephen Roach pointed out that the United States has trade deficits with 90 countries around the world.

FORBES: Cause of U.S. Trade Deficit: Money Flows Uphill