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September 26, 2004

Capital Flows
Confronting Iran would be a lot easier if the Saudis had more spare capacity

David Sanger looks at Iran and North Korea’s nuclear ambitions in today’s New York Times. Sanger suggests it will be hard to stop Iran’s quest for nukes, no matter what the nature of Iran’s regime -…

January 25, 2005

Emerging Markets
Memo to John Taylor: In what sense was the Argentine crisis contained?

David Sanger goes back to his roots as the New York Times’ Treasury correspondent, and outlines the tensions that the dollar’s slide over the past few years has created. Sanger digs up a bunch of ol…

January 25, 2005

Budget, Debt, and Deficits
When will the bond market wake up

I know, I know, Morgan Stanley’s investors have spoken, and there is no bond market bubble. But the federal government certainly is swimming in a sea of red ink.I hope we have asked the Bank of Japan…

February 21, 2005

Budget, Debt, and Deficits
The confused conservatives on the Washington Post oped page …

The Washington Post put out an oped on the partial privatization of Social Security over the weekend, which Kevin Drum appropriately jumped on.One item in the oped jumped out at me:The second risk i…

January 26, 2005

Monetary Policy
The US dollar fails the Chinese test

So China wants to adopt a basket peg because it no longer thinks the dollar is a stable store of value. To quote Mr. Fan, Director of China’s National Institute for Economic Research:The U.S. dollar …

February 26, 2005

Capital Flows
Geoeconomics: What can we learn from the end of the “real” Bretton Woods system of fixed exchange rates?

Dan Drezner started a post with the Triffin dilemma, so I figure I too can digress into the realm of history.The Bretton Woods system of fixed exchange rates (Bretton Woods 1) collapsed, in some sens…

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 9, 2005

Economics
It is now official

Karl Rove is the Bush Administration’s economic policy czar, and de facto Treasury Secretary. In addition to responsibility for political affairs and strategic initiatives, Mr Rove has been appointe…

November 8, 2004

Pepsi is no longer red, white and blue

Buried deep within the Scott Kilman’s Monday WSJ article on rising food imports is the following gem:"Much of the Pepsi-Cola sold in the US is made from concentrate imported from places such as Irela…

May 22, 2005

Financial Markets
That strong renminbi (ok, that strong dollar)

The RMB has appreciated by about 7% against one of China’s major trading partners this year. Not the US, obviously. But that doesn’t mean that China is not exposed to moves in the dollar-euro, or t…