No Surprise: the People’s Bank of China. The PBOC has shifted from buying treasuries (03) to buying mortgage backed securities (04).From Reuters: "Make no bones about it, mortgages really went globa…

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 …

Deficits really don’t matter, at least in some circlesBush said earlier this week that he would not rule out paying those transition costs by raising the current wage cap of $90,000 that can be taxed…

Let’s see.Paul Wolfowitz looks set to take over the World Bank. Oil is a bit over $56. That is not low, by any measure. I remember how much concern there was last summer when oil broke $40.The cur…