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December 27, 2004

Budget, Debt, and Deficits
Beware of a 12 division budget and a 10 division tax base …

General Sinseki famously -- and it seems accurately -- warned of the risks of a "12 division strategy and a 10 division army." To paraphase the US Defense Secretary: You fight a war with the army y…

Blog Post by Brad W. Setser Follow the Money

December 29, 2004

Financial Markets
How Europe finances the US

Europeans invest in emerging Asia. That capital inflow would naturally tend to drive up emerging Asian currencies v. the euro. But emerging Asian currencies are generally stable v. the euro. In man…

Blog Post by Brad W. Setser Follow the Money

December 29, 2004

If you cannot beat em, join em

Daniel Gross’s article on the currency preferences of the world’s underworld is too good not to link to. It seems like the world’s drug lords are less willing than the People’s Bank of China to fina…

Blog Post by Brad W. Setser Follow the Money

January 8, 2005

So private Chinese citizens now prefer renminbi to dollars …

I keep checking the People’s Bank of China’s web page for the official release of China’s October reserves. Alas, they are still not out formally (a hint: think $542.7 billion). China may be a worl…

Blog Post by Brad W. Setser Follow the Money

January 19, 2005

Budget, Debt, and Deficits
Prepare for the 50 year Treasury bond …

Since our newly inaugurated President seems intent on partial privatization of Social Security (despite lukewarm support from his own party), I thought I should offer him a bit of somewhat constructi…

Blog Post by Brad W. Setser Follow the Money