Larry Summers – picking up on a phrase perhaps first used by Michel Camdessus -- liked to call the Mexican crisis the first financial crisis of the 21st century.   Mexico’s decision to exhaust its re…

I tend to agree with Stephen Roach more often than naught.   But every now and again, I do disagree with him.  And I am not convinced that petrodollars, are well, no longer petrodollars.   That is, t…

In late 2004 and early 2005, Nouriel and I estimated that the actions of foreign central banks might be holding US yields down by as much as 200 bp. That estimate found its way into Pam Woodall’s Eco…