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January 3, 2005

Budget, Debt, and Deficits
Borrowing is Saving, Up is Down

Edmund Andrews of the New York Times provides the Rosetta stone that lets us decipher the Bush Administration’s plan to cut the deficit, which seems to be a plan to pretend to cut the deficit. Here i…

February 16, 2006

Monetary Policy
So where exactly are all the world’s reserves going?

We don't yet formally know the BEA's estimate for the end of the year current account deficit, but we have a pretty good idea.  We also now have a lot of data about how the US financed its current ac…

March 29, 2006

China
Exit Schumer and Graham, Enter Grassley and Baucus

Schumer-Graham won't be brought to a vote until September.   China's central bank governor Zhou must  be persuasive.  Maybe he plotted out where the RMB will likely be if China continues with its cur…

April 4, 2006

China
The Euro moved as much in one day last week (Thursday) as the RMB has moved since July

But the European Union still thinks it needs to warn against the risk that China will let the RMB appreciate too rapidly.Memo to the EU.   Where have you all been?   China considered a bigger initial…

May 14, 2006

Budget, Debt, and Deficits
Not quite sure the federal debt is an “ungoverned force”

Despite what David Brooks says.  The rising debt seems to be a direct consequence of cutting taxes and raising spending -- decisions the Bush Administration made.    The US may not be able to stop Ch…