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August 25, 2005

Capital Flows
Peter Galbraith and Iraq

I think the folks over at TPM Café are right: David Brooks' latest New York Times column is a real flip-flop.  He has gone from celebrating the United States firm commitment to universal democrat…

April 10, 2006

China
China worries the US may want a “competitive” dollar

Xia Bin, head of the financial research institute at the cabinet's Development Research Centre, didn't use Martin Feldstein's clever term though.  He worries about a weak dollar policy."W…

October 10, 2005

Emerging Markets
Pakistani earthquake

The potential loss of life from the earthquake in Northern Pakistan is stunning -- a reminder of how precarious life is for many in one of the world's nuclear states.  Not to mention a state wher…

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…

July 19, 2006

China
Chinese growth accelerates, RMB depreciates

That was yesterday’s headline.   Or, given the time differences, perhaps the headline from two days ago. Chinese second quarter growth picked up to 11% plus.  The only real surprise here was that the…

July 31, 2006

Financial Markets
Growth slowing, oil rising … not good

If Roubini  hasn’t done enough to convince you that the US is at risk of a slump … check out Calculated Risk.   A big fall in residential investment would put something of a dent in the US economy.An…

December 11, 2006

Financial Markets
The GCC’s dollar peg …

China will have a current account surplus of over $200b this year.  China has about 1.3 billion people.   The GCC countries (Saudi Arabia and the small states on the Gulf) will also have a current ac…

December 6, 2006

China
Yu Yongding is well-worth reading on sterilization — as is the Bank of New York on plans for a goverment investment fund

Martin Wolf’s series of columns on China has stimulated quite an interesting debate. I have been meaning to highlight it for some time – especially since it prompted Yu Yongding to lay out both his t…

April 11, 2007

Emerging Markets
It is hard for the world to diversify away from the dollar when the world’s holdings of dollars need to rise by about a trillion a year

OK, I probably should strike “world” and insert “the world’s governments” instead.  It is pretty clear that central banks and oil investment funds provided the bulk of the financing the US needed in …

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August 9, 2007

China
The balance of financial terror, circa August 9, 2007

Back in early 2004, former Treasury Secretary Lawrence Summers highlighted the emergence of what he termed the "balance of financial terror."   China – and others – relied on the US for demand that t…