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February 17, 2005

The Achilles Heel of Cowboyeconomics

The Wall Street Journal says everyone in the world would benefit from a dose of Cowboyeconomics. You know, exporting tons of debt, to support consumption growth well in excess of income growth ... …

April 11, 2005

United States
Skating on incredibly thin ice

Altogether, the circumstances seem to be as dangerous and intractable as any I can remember, and I can remember quite a lot. What really concerns me is that there seems to be so little willingness o…

April 27, 2005

United States
The comfortable road to ruin …

Read Martin Wolf’s latest column. His focus on emerging economies -- particularly in Asia -- is dead on. The "glut" of global savings originates there, far more than in Europe. The Euro zone’s cur…

July 19, 2005

Calculated Risk might want to start looking at the Netherlands

Calculated Risk has long argued that those wanting to peer into crystal ball and see the future of the US economy should look at Britain -- since Britain’s housing boom started before the US boom, an…

August 1, 2005

China
Can China add close to $300 b to its reserves a year and have no impact on the bond market?

Rarely do I disagree with the premise of an article more than with the Mark Whitehouse  Friday C1  Wall Street Journal article "China's Move Makes No Waves in Bond Market." Premise.  China moved…

July 25, 2005

Emerging Markets
It would be easier to take creditor complains about Argentina more seriously …

if international investors -- not just local ones -- were not scrambling all over themselves to buy Argentina's most recent dollar-denominated bond issue. Yes -- evey now and again, I do stil…

December 18, 2004

The world’s two most distorted prices …

My nominations.The renminbi-dollar at 8.28 renminbi per dollar -- a price that puts China’s per capita income at around, only a bit above Iraq’s per capita income. The ten year US government treasury…

September 16, 2005

United States
The q2 current account deficit and global adjustment

Some days are marked by a surplus of good material.   The TIC data.  The second quarter current account data.  DeLong's magnus opus on what the great and good talked about on the margins of Jacks…

May 1, 2005

China
Will China get hit by the cover jinx?

It is a bit hard to start shorting the renminbi (RMB/ the Chinese currency) just because China has now made its appearance on the cover of Newsweek. It is hard to short something that has yet to be …

August 8, 2005

United States
Once again, trade deficits do matter — and they really do have to be financed

Brad DeLong and the folks over at Angry Bear have already beat up on this rather ridiculous Donald Luskin argument that the US does not take on debt when it runs a trade deficit.   I hardly need to …