Morgan Stanley's Stephen Roach, seen by some as a nearly perma bear, but by others as very realistic visited CNBC this morning, and offers his latest views on what is happening.  Essentially, as written in these pages a few years ago, the U.S. is going through a Japan-lite crisis.  Much of it due to Fed policy.  Half the discussion on that topic, and about half on China.

13 minute video - email readers will need to come to site to view

Here is a link to a follow up discussion on Europe - 4 minutes.

[Jun 7, 2011: Stephen Roach Revisits U.S. & China, Plus the Debt Connection]

[Jan 14, 2011: [Video] CNBC - Stephen Roach Talks U.S. & China]

[May 31, 2009: Stephen Roach on Asia - No Sail]