Europe and Asia face hard landings as bubbles burst
I am bullish on Asia but let's not get ahead of ourselves. The US is a $9.5 trillion (£4.9 trillion) consumption economy: China is $1 trillion, and India is $650bn. They are not yet at the stage where they can fill the void left by an over-indebted US," he said.
Mr Roach said US consumption reached 72pc of GDP in 2007. "No country in the history of the world has ever consumed that much of its GDP.
"We've played the housing bubble, using homes as ATM machines," he said.

A return to normal levels of savings would amount an economic shock equal to 5pc of GDP.