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January 15, 2005

Economics
Latest speech of FRBNY President Tim Geithner

I pay a certain amount of attention to what New York Federal Reserve President Tim Geithner has to say just because he was my boss at the Treasury and the IMF (noted in the spirit of full blog disclo…

March 4, 2005

Emerging Markets
A few lessons for Mary Anastasia O Grady

I do not expect to consistently agree with the oped page of the Wall Street Journal. But I do not think it is too much to ask that the columnists on oped page of the Journal try to square their argu…

May 12, 2005

United States
The sustainability of the current account deficit, once again

The market seems to have concluded that there is no need to put any pressure on the US to reduce its large external deficits. The dollar is up, at least against the euro. So is the renminbi for th…

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…

June 21, 2005

Emerging Markets
Fantasy based opeds in the Wall Street Journal

The Wall Street Journal oped page clearly has discovered the joys of post-modernism. Facts are a social construction -- and inconvenient facts can be changed to fit your preferred narrative.That is…

November 23, 2004

The budget deficit before all the bad stuff

Isn’t that what leaving any increase in deficit associated with partial privatization of social security off the books implies?Bush’s formula on the dollar in Santiago emphasized the need to control …

August 10, 2005

United States
Bob is a good name …

I am a big fan of Robert (Bob) Rubin, so if I cannot be Brad, Bob is not a bad second choice. The US has racked up a deficit of around $2,247bn (€1,821bn, £1,260bn) since 2001 without suffering …

March 14, 2006

United States
Why didn’t the current account deficit start to adjust in 2003? Will the adjustment start in 2006? And where are all the world’s reserves?

I think I can now welcome Brad DeLong to the "gloom and doom caucus, trade deficit division."  He joins some pretty good company:  Paul Volcker, Robert Rubin, Larry Summers, Warren Buffet, Martin Fel…

Why didn’t the current account deficit start to adjust in 2003?   Will the adjustment start in 2006? And where are all the world’s reserves?

May 2, 2006

Financial Markets
And the money keeps rolling in …

To Russia. In 1998, Russia was very short on cash.  It went to the IMF and got a $15 billion credit line.  When it didn’t hold up its end of the bargain – taking steps to collect a bit of revenue – t…

May 10, 2006

United States
Self promotion watch (Treasury foreign exchange report edition)

I was interviewed by Adam Davidson of NPR about the Treasury’s forthcoming foreign exchange report (to be released at 4 pm today). You can hear the results here.    Adam Davidson also interviewed the…