Chief economist of Morgan Stanley predicts economic Armageddon. [Boston Herald]
Stephen Roach breaks it down like this: There a 30% chance of imminent Armageddon, a 60% chance of a relatively prolonged period of misery followed by Armageddon, and a 10% chance of no Armageddon.
Roach's Three Horsemen are: America's record trade deficit; rising interest rates; and staggering consumer debt.
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