A woman walks through Grand Central Terminal in New York on August 24. America’s abysmal failure to contain the virus not only underscores the lingering fears of infection, but also raises the distinct possibility of a new wave of Covid-19 itself. Photo: AFP A woman walks through Grand Central Terminal in New York on August 24. America’s abysmal failure to contain the virus not only underscores the lingering fears of infection, but also raises the distinct possibility of a new wave of Covid-19 itself. Photo: AFP
A woman walks through Grand Central Terminal in New York on August 24. America’s abysmal failure to contain the virus not only underscores the lingering fears of infection, but also raises the distinct possibility of a new wave of Covid-19 itself. Photo: AFP
Stephen Roach
Opinion

Opinion

The View by Stephen Roach

America must brace itself for a double-dip economic recession

  • Financial markets’ optimism about a V-shaped recovery from Covid-19 is not supported by the history of the US business cycle
  • With America still struggling to contain the pandemic, the lingering fears of infection will continue to impede any lasting recovery

A woman walks through Grand Central Terminal in New York on August 24. America’s abysmal failure to contain the virus not only underscores the lingering fears of infection, but also raises the distinct possibility of a new wave of Covid-19 itself. Photo: AFP A woman walks through Grand Central Terminal in New York on August 24. America’s abysmal failure to contain the virus not only underscores the lingering fears of infection, but also raises the distinct possibility of a new wave of Covid-19 itself. Photo: AFP
A woman walks through Grand Central Terminal in New York on August 24. America’s abysmal failure to contain the virus not only underscores the lingering fears of infection, but also raises the distinct possibility of a new wave of Covid-19 itself. Photo: AFP
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Stephen Roach

Stephen Roach

Stephen S. Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China.