Stephen Roach on the economic recovery

Morgan Stanley's Asia chief and long-time bear Stephen Roach actually sounds optimistic about the prospects for a global economic recovery (relatively speaking, that is).

"When markets go up, investors want to then concoct a theory that explains how the rally in the markets is being supported by the underlying economy. So, the 'green shoots' theory is just that - it's sort of a fiction that's been woven around a liquidity driven market. If you want to call those green shoots, blue shoots, or yellow shoots - pick your color."