I know, I know, Morgan Stanley’s investors have spoken, and there is no bond market bubble. But the federal government certainly is swimming in a sea of red ink.I hope we have asked the Bank of Japan…

So China wants to adopt a basket peg because it no longer thinks the dollar is a stable store of value. To quote Mr. Fan, Director of China’s National Institute for Economic Research:The U.S. dollar …

Please pick Kassebaum-Baker rather than Brownback. Kassebaum is sort of like the Christine Todd Whitman of Kansas politics; Brownback is more the Rick Santorum. I suspect that Brownback won’t get t…

The Washington Post put out an oped on the partial privatization of Social Security over the weekend, which Kevin Drum appropriately jumped on.One item in the oped jumped out at me:The second risk i…

Dan Drezner started a post with the Triffin dilemma, so I figure I too can digress into the realm of history.The Bretton Woods system of fixed exchange rates (Bretton Woods 1) collapsed, in some sens…