On the Chinese Currency:
Stephen Roach, Chairman of Morgan Stanley Asia: "We should take out the baseball bat on Paul Krugman -- I mean I think that [his] advice [to push China to revalue the Renminbi] is completely wrong... America has the biggest savings shortfall of any leading country in modern history, When you don't have savings you have to run current account deficits to import surplus savings from abroad and run massive trade deficits to attract the capital... Isn't it the height of hypocrisy that America can articulate a particular position in its currency but the Chinese are not allowed to do that."
Paul Krugman, Nobel Prize Economist: "I’m a little surprised at Steve for saying that... What I said is actually based on pretty careful economic analysis. We have a world economy which is depressed by China artificially keeping its currency undervalued."