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August 24, 2005

United States
Are we ignoring the United States’ strengths?

Anantha Nageswaran of Libran Asset Management in Singapore has submitted a set of (lengthy) comments that respond, in some sense, to many of the points I and others have raised on this blog.   Check …

April 17, 2006

Monetary Policy
Treading water (the February TIC data and ongoing central bank financing of the US)

The world bought $87b more of US long-term debt and equity than the US bought of foreign debt and equity.    The net inflow exceeded expectations - there were some concerns that TIC inflow wouldn&#39…

June 29, 2006

Emerging Markets
Levered long/ long funds …

An anonymous partner at a mid-sized London hedge fund expressed something I was trying to say a couple of weeks ago fair better than I could have.   From the Financial Times: "A lot of managers…

December 8, 2006

Monetary Policy
Bretton Woods 2: On its last legs? Or still going strong at the end of 2006?

Or perhaps a complicated combination of both?   That is a question that has popped up over at Martin Wolf’s forum.   It is a keyquestion for the global economy, and for financial markets.Those bettin…

December 13, 2006

Economics
Image, reality and the global flow of funds …

Most participants in US financial markets -- I suspect -- tend to think of the US market as a key global hub, with US financial markets serving helping to match the world's savings with the world…

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July 30, 2007

Monetary Policy
The shift toward sovereign wealth funds: the policy debate

Both the Financial Times and the Wall Street Journal have done a great job reporting on the rise of sovereign wealth funds.   Joanna Chung and Tony Tassel’s nuanced analysis of the impact of sovereig…

June 19, 2007

Monetary Policy
Sovereign Wealth Funds are sexy, but the real story right now comes from plain old central bank reserves …

Everyone now wants to talk about sovereign wealth funds, both how big they will become and how they will (or will not) impact a range of markets.  I tend to agree with Tony Tassel and Joanna Chung of…

December 13, 2007

United States
Richard Iley on the US current account deficit

Richard IleyBrad Setser: Richard Iley of BNP Paribas – the author, with Mervyn Lewis, of a new book on the US current account deficit --- doesn’t see the world quite the way I do.   I put a l…

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October 25, 2007

Monetary Policy
Central banks are buying — not selling - dollars.

Central banks are not selling dollars.  Some analysts tend to put a bit too much emphasis on changes in the dollar’s share of global reserves – and a bit too little emphasis on the increase in total …

March 2, 2008

Financial Markets
Worth less, not worthless

I am glad Mr. Buffet clarified that. Project out last weeks trends for very long and there might be a bit of doubt. Mr. Soros wasn’t as kind. ""The dollar is a terribly flawed currency"Nor, for th…