Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
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June 21, 2006
United States
So, is Michael Mandel right? Did intangible income (dark matter) ride to the rescue in the first quarter, offsetting rising US debt?
As Michael Mandel has noted, the US income balance improved in the first quarter – contrary to the expectations of “pessimists” like me. I would say “realists” – rising debt usually implies rising i…
July 26, 2006
Emerging Markets
Is Saudi Arabia the new IMF?
Last week I was beginning to think the IMF might be back in business. A couple of press reports hinted that Lebanon’s central bank was facing real pressure. Folks fleeing the country wanted doll…
December 8, 2006
China
Auto parts, China, protectionism
I have long thought that China's move into auto parts was a possible (political) trigger for a new set of stress on Bretton Woods 2 -- the point where the shift of manufacturing production out the US…
August 9, 2007
China
The balance of financial terror, circa August 9, 2007
Back in early 2004, former Treasury Secretary Lawrence Summers highlighted the emergence of what he termed the "balance of financial terror." China – and others – relied on the US for demand that t…
August 23, 2007
Financial Markets
If the US Treasury doesn’t think the dollar is overvalued, can it also think that RMB is undervalued?
Christopher Swann of Bloomberg noticed the line in the IMF’s most recent Article IV report indicating that senior US officials objected the IMF’s conclusion – based on their model for equilibrium rea…