233 Results for:

February 2, 2005

Budget, Debt, and Deficits
Limiting the supply of the ten-year Treasury note

I have discussed at length the support for the Treasury market provided by foreign central banks.But that is only part of the story. I have also alluded to the role played by Treasury’s debt manageme…

February 24, 2005

Monetary Policy
An Asian OPEC?

A less kind headline might be "Asian policy makers meet, agree to continue manipulating foreign exchange markets" Still, this Bloomberg article (link thanks to Calculated Risk) suggests that there ma…

April 19, 2005

Emerging Markets
Martin Wolf, Korea’s Central Bank, and Collateralized Debt Obligations

Somehow, all three are linked together today in my mind. And at some level, they do all connect. As Martin Wolf notes, Asia’s current account surplus (savings surplus) shows up in the phenomenal gr…

May 4, 2005

Budget, Debt, and Deficits
Systemic risk and the thirty year bond …

I have long worried that as the carry trade gets less profitable (i.e. the difference between the interest rate on short-term and long-term debt falls), hedge funds would respond by doubling up their…

June 14, 2005

How to explain China’s success?

If China were growing slowly, there would be no shortage of potential explanations.Free labor market in China? Not even close. The household permit system is an enormous impediment to free labor mo…

June 19, 2005

The first billionaire spammer?

I usually don’t begrudge others’ success.But if this guy is behind the ubiquitous Party Poker spam, I have nothing good to say about him. Nothing. Now that he has made it, he might want to go legi…

January 16, 2006

Financial Markets
The FT’s Lex Blows It: There are a lot more than $125 billion petrodollars out there

I am a big fan of the FT.  But occasionally, it lets me down.  Today for example.The Lex column argues that there is no petrodollar "mystery" because there are no petrodollars circulating through the…

January 28, 2006

Another great irony of history: The Chinese Communist party is a very profitable real estate company

Max Sawicky noted that key source of recent job creation in the capitalist United States has been the US government, which itself is financed, in no small part by the People's Bank of China.  The…

February 27, 2006

Financial Markets
A butterfly flapped its wings in Iceland …

If you read the financial press closely, it was hard not to learn a bit about the Icelandic krona over the past week.   The krona pays a high interest rate, you see - enabling Iceland to attract the …

April 12, 2006

United States
Watch for imports to surge in March

China's March trade surplus topped $11b - and its goods exports were a very impressive $78 billion.  China February surplus was about $2.5 billion, and its exports only 54.1 billion.  China had a…

Watch for imports to surge in March