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To: ild who wrote (174379)	5/7/2003 2:55:45 PM
From: chomolungma	Respond to of 186894

The last line of Roach's essay holds the key. If concrete actions are taken to boost the demand side of the global economy, the deflationary time bomb will be defused. The heavy lifting of structural reforms and global rebalancing is the only way out. Which is precisely what will happen, IMO. Structural reforms are rarely entered into willingly. That is why the free markets are forcing reforms upon the reluctant countries of the world. All that Roach says has a positive flip side to it. The declining dollar shifts demand to U.S. producers and away from foreign producers. Unless these countries enact reforms and provide stimulus, they will experience weakening economies and higher unemployment. They will be forced to act and they will.