Retired three-star Marine Corps General Bernard E. Trainor says that U.S. forces merit stellar marks for their military victory but only a “D” for postwar operations. He blames much of the…

One of the things that has fascinated me is that US-Latin America relations have soured so much under Bush's watch.  I think I am fascinated in part because I don't really buy the standard explanatio…

Eichengreen provides the best summary I have seen of competing views on the sustainability of large US trade deficits, along with the impact of sustained trade deficts on US external debt and the inv…

Venezuela has, according to Bloomberg, reduced the dollar share of its reserves from 95% to 80%, and increased the euro share from 5 to 15%.  Bloomberg:``The U.S. dollar has suffered a long process o…

That, more or less, is the conclusion of “portfolio balance” models of global capital flows.    The dollar tanks.   Its share of your portfolio falls.   So sell euros (or RMB) and buy dollars to keep…