Fire or Ice: The Great Debate Will the world end in fire or ice? Two big-name analysts at Morgan Stanley see trouble for the stock market, but for opposite reasons. Barton Biggs is worried about ice--that is, deflation. Stephen Roach fears fire--inflation. NAME: Stephen S. Roach. TITLE: Chief economist, Morgan Stanley, Dean Witter, Discover & Co. QUOTE: ''The economy is fundamentally very strong, and we're not going to get any relief on inflationary risks from a spontaneous slowdown.'' *** NAME: Barton M. Biggs. TITLE: Global strategist, Morgan Stanley Asset Management. QUOTE: ''We're still in a deflationary world. Whether it's the Bundesbank raising rates or currency depreciations in Asia, they are all basically disinflationary.'' Return to main story

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