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September 6, 2019

Zimbabwe
Good Riddance to Zimbabwe’s Robert Mugabe

During his thirty-seven years in power in Zimbabwe, he committed virtually every human rights violation there is. His hands were awash in the blood of Zimbabweans. Fanning and exploiting racial and class differences, he destroyed the country’s economy, once on the cusp of being one of Africa’s most developed, driving out commercial white farmers. By the time he died, Zimbabwe was an international pariah, an economic basket case, and many or most of the country’s most educated and productive citizens had left the country.

Robert Mugabe stands in front of a blurred out, saluting soldier.

October 9, 2019

Taiwan
$130+ Billion in Undisclosed Foreign Exchange Intervention by Taiwan's Central Bank

Based on the profits and losses disclosed by Taiwan’s central bank, it appears that its true FX exposures exceed its disclosed foreign exchange reserves by USD 130bn, and perhaps by as much as USD 20…

fig 19

October 8, 2019

Taiwan
Could Taiwan’s Commercial Banks Cover the Lifers' Hedging Need? (Part 4)

Who is on the other side of the massive ($250 billion) hedging need of Taiwan's life insurance industry? The local banking system covers at most a quarter of the life insurers hedging need, and forei…

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October 4, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 3)

This is the third post in a series* on Taiwan's life insurers and their private & sovereign FX hedging counterparties. It’s the product of a collaboration with S.T.W**, a market participant and frien…

Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 3)

October 4, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 2)

Large-scale purchases of foreign bonds have become the central flow sustaining Taiwan’s massive current account surplus and keeping the Taiwan dollar weak. The size of this flow raises the question o…

Shadow FX Intervention in Taiwan: Solving a 100+ billion dollar enigma (Part 2)

October 3, 2019

Taiwan
Shadow FX Intervention in Taiwan: Solving a 100+ Billion Dollar Enigma (Part 1)

Taiwan’s central bank, unlike most central banks, doesn’t disclose its position in FX derivatives. It really should. There is good reason to think its undisclosed exposure is quite substantial.   …

A Taiwan dollar note is seen in this illustration photo May 31, 2017.

October 10, 2019

Kurds
The Time of the Kurds

The Kurds, one of the world’s largest peoples without a state, may be on the verge of achieving their independence amid turbulence in Syria and Iraq.

The Time of the Kurds

July 14, 2006

United States
Far be it from me to disagree with Robert Rubin

One thing I never thought I would see: William Greider  (no fan of Citibank Democrats) interviewing Robert Rubin.    The end result is well worth reading.  Rubin doesn’t seem to be in Steve Roach’s…

September 30, 2019

Puerto Rico
Is Puerto Rico Back on a Path Toward Debt Sustainability?

The plan of adjustment put forward by the oversight board, if approved by enough creditors and the courts, would cut Puerto Rico’s tax supported debt from $50 billion to $25 billion and smooth its re…

Is Puerto Rico Back on a Path Toward Debt Sustainability?

February 8, 2019

Economics
2019 Robert B. Menschel Economics Symposium

Although the global rate of extreme poverty is at a historic low, the pace of poverty reduction is slowing and the World Bank estimates that more than 700 million people still live on less than $1.90…