Welcome. I am Nouriel’s co-conspirator on several of his recent articles, and I’ll be adding my voice to this site as well.Obviously, Nouriel and I do not disagree on much. But we do have different…

Q2 current and capital account data came out today. At 166 billion, the Q2 current account deficit was $10 billion or so more than expected. Since the goods and service trade deficit for q2 was alrea…

The U.S. government’s spin on the widening trade deficit is that it reflects a growth deficit in the rest of the world. This spin does not hold up well. All parts of the world other than Europe are…

One country’s external debt is another country’s asset. The U.S. capital account data leaves little doubt that foreign central banks have been a huge source of financing for the U.S. current account…