Roach's analysis made some points, but more mis-points. The normalization of Fed's policy, well what is the normal Fed Policy? Roach seems to criticise the rate policy for its long, too long focusing of inflation and the mislocation of the expanded capital inflow through QE. But these are not primary problems. The big picture I think Roach misses is that the Fed overreaches. By its design the Fed should focus first and formost on rates and money supply, and not on industrial and financial policy. That's the job of government. Fed cannot direct the capital to real economy, and usually the government does not do that directly either, but the free market. In a crisis the free market(!) fails to do so. And here must come the government first and primary. That's the whole point. Unfortunately the government and with it the most leading western economists understand falsfully the spirit of free market and chose to keep the hands in pocket. Ah, what a irony.