Bill Gross of PIMCO certainly seems to think foreign central banks matter - despite the arguments from some in the Fed (and the Treasury).Foreign central banks made famous and in fact prosperous by t…

To Russia. In 1998, Russia was very short on cash.  It went to the IMF and got a $15 billion credit line.  When it didn’t hold up its end of the bargain – taking steps to collect a bit of revenue – t…

The Wall Street Journal has noticed that the state is no longer in retreat from the commanding heights of the global economy.  The basic pattern of capital flows is now set by central banks, not priv…

DeLong argues that the beneficiaries of trade – both of the conventional goods for goods trade and the new goods for IOUs trade – are diffuse, and often don’t even realize how much they are benefitin…

That is what William Hess argues in Newsweek International.  China cannot give Paulson what he wants without jeopardizing its domestic goals.  Hess writes:"Secretary Paulson will likely return home e…