I have always believed that the debtor and the creditor tend to share responsibility for most financial crises. One borrows too much, the other lends too much. Wynne Godley (ideologically, no H…

The Economist put the dollar on its cover this week.   The Economist’s cover is usually a lagging, not a leading, indicator:  it signals that the dollar already has fallen significantly, and sometime…

Paul Krugman noted that his discussion of the Fed’s recent policy steps was rather wonkish. If that is true, my comments will be off-the-wonkish charts. I want to try to bring the actions of foreign …

The number of hedge funds is about the only thing that has been rising faster than the price of residential real estate (at least in some markets). Probably not a coincidence: hedge funds and real e…