On Thursday, the Financial Times, the New York Times and Tom Friedman all weighed in on Asian reserve diversification. Paul Blustein of the Washington Post has an A1 story today on another of my comm…

China is on track to add between $250 and $300 billion to its reserves this year. That is a lot of money. Enough to have an impact on global bond markets. Enough to buy several oil companies. As…

The CNOOC bid presumably is motivated by two things. One, Beijing has plenty of cash, and already holds more Treasuries than it wants, so it wants to diversify its portfolio. As I argued earlier, C…

I suspect that the US is not prepared for the implications of a world where China’s reserves are rising fast enough to allow China to finance the purchase of one Unocal every month. I also would bet…

What gold was to Bretton Woods 1?In the post war Bretton Woods system, the dollar was - at least in principle - fully convertible into gold at a fixed rate.   In practice, after a certain point in th…