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December 11, 2004

United States
The Global Test

My harping on the fact that US economic policy now has to pass a global test is not simply meant to score rhetorical points. I suspect that the same folks who financed the expansion of the US curren…

November 11, 2004

China

That alone ought to catch your attention. Whether talking about the US (needs Chinese financing), Latin America (needs Chinese demand for its commodities) or Europe (needs China to lets its exchange…

October 28, 2004

Exports of Treasuries, and other fun statistics

2004 US exports of goods (based on year to date trade data): roughly $800 billion.2004 US exports of dollar denominated debt (based on the q1 and q2 balance of payments data): $800 billion.It is not …

January 2, 2005

United States
Bretton Woods Two Lives

The 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…

October 13, 2004

Budget, Debt, and Deficits
The next president can duck Social Security reform

Schlesinger and Murray have a pre-debate overview of economic issues in today’s Wall Street Journal. All in all, it is not bad.But I do object to their characterization of Social Security. They not…

December 22, 2004

Politics and Government
A modest proposal of my own

My modest proposal: anyone writing about Social Security should have to pass a test demonstrating that they have read the Social Securities trustees report, and understand the basic dynamics of a sys…

December 31, 2004

Capital Flows
Russia is to China as …

Canada is to the United States? Large in area, scarcely populated, cold and a major supplier of natural resources to its large southern neighbor ... Well, not yet. Russia, I think, generally exports…

October 29, 2004

Financial Markets
David Wessel visited the Harvard economics department

Or at least talked to Summers and Rogoff, before writing his Thursday Wall Street Journal column. It is worth reading if you have access to the Journal. I agree with his bottom line: getting out of…

February 21, 2005

Budget, Debt, and Deficits
The confused conservatives on the Washington Post oped page …

The Washington Post put out an oped on the partial privatization of Social Security over the weekend, which Kevin Drum appropriately jumped on.One item in the oped jumped out at me:The second risk i…

January 9, 2005

Financial Markets
The price of a European vacation

As readers of this blog no doubt know, the dollar rallied v. the euro last week. Not that most of America noticed. In much of America’s heartland, the dollar’s value does not make the financial new…