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…
December 22, 2004
Martin Wolf did the math: it turns out the renminbi-dollar zone has a current account deficit (projected) of $260 billion with the world this year. The United States’ current account deficit of $650…
January 2, 2005
United StatesThe Fed has started to tighten, Greenspan said anyone who has not hedged their interest rate risk desires to lose money. Yet higher short-term rates have not led to higher long-term rates. In the j…
January 24, 2005
Monetary PolicyToday’s FT highlights the risk that the US will not benefit from cheap financing from the world’s central banks growing dollar reserves forever. Apparently, a new survey of central bankers suggests …
January 26, 2005
Monetary PolicySo 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 22, 2005
Monetary PolicyThree somewhat wonky and technical thoughts:1) Do not underestimate Korea just because it does not hold as many reserves as China and Japan. $200 billion is $200 billion. Moreover, the combined re…