In late 2004, Nouriel Roubini and I wrote that “the tensions created [by the Bretton Woods 2 system] are large, large enough to crack the system in the next three to four years.” In a 2005 Wall Stre…

The Fed has started to tighten, Greenspan said anyone who has not hedged their interest rate risk desires to lose money. Yet higher short-term rates have not led to higher long-term rates. In the j…

The IMF released its data on global reserve growth on Friday.   And – to no one’s real surprise – the IMF data indicated that there is one key reason why capital flows uphill in today’s global econom…