The Economist - byline Bejing, Hong Kong, Shanghai.The quote: "No country can sustainably invest more than it saves ..."As most of you know, I generally agree with that sentiment, though it is certai…

I am constantly amazed by the concern well paid Wall Street economists display for poor Chinese peasants.    China, you see, cannot revalue the RMB without devastating rural China.  A revalued RMB wo…

Some would say it never really went away.Emerging market economies did not stop accumulating reserves in 2005.  Best I can tell, adjusting for valuation effects and including all the foreign assets o…

The 2006 US current account deficit looks to be a bit under $1 trillion.  $1 trillion sounds big, but remember, the annualized fourth quarter current account deficit will almost certainly be close to…

Incidentally, I am not the only one who thinks that the US current account deficit is heading toward a trillion.   The OECD now forecasts $965b current account deficit in 2006 (7.2% of GDP), and $107…