At least that is how I read the latest Paul McCulley/ Andrew Balls paper.   By the way, Andrew Balls, welcome to the world of financial opinion journalism … otherwise known as economic analysis and m…

That, by the way, would be a bit of a blow for Nouriel Roubini and myself -- not just Dooley, Garber, Folkerts-Landau. Nouriel and I argue the Bretton Woods 2 of central bank financing of the US cur…

I watch the data on global reserve growth rather closely.  But I was still surprised to see (via Global Liquidity Blog) the scale of the growth in the Fed's custodial holdings so far in the first qua…

Mike Dooley of Deutsche Bank and UCSB makes the case that the new Bretton Woods system of fixed or heavily managed exchange rates on the "periphery" makes large (though not necessarily growing) curre…

What follows is a bit of an experiment.   I am posting -- with permission -- a lightly edited version of an email exchange that I had with a global equity portfolio manager a few days ago.   Like all…