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April 5, 2007

China
Think again (China no longer just assembles imported components)

Dated perceptions of China:  Chinese banks are filled with NPLs.   China runs a surplus with the US but a deficit with the rest of the world, so its trade is in rough balance.China just assembles imp…

Blog Post by Brad W. Setser Follow the Money

April 11, 2007

Emerging Markets
It is hard for the world to diversify away from the dollar when the world’s holdings of dollars need to rise by about a trillion a year

OK, I probably should strike “world” and insert “the world’s governments” instead.  It is pretty clear that central banks and oil investment funds provided the bulk of the financing the US needed in …

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Blog Post by Brad W. Setser Follow the Money