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February 9, 2005

Economics
It is now official

Karl Rove is the Bush Administration’s economic policy czar, and de facto Treasury Secretary. In addition to responsibility for political affairs and strategic initiatives, Mr Rove has been appointe…

April 29, 2005

Emerging Markets
China Trip Report

Nouriel and I put pen to paper and laid out our take on China. Our paper reflects on the trip we took there last month, along with the reading we did to prepare for the trip. There is nothing new her…

April 24, 2005

United States
US policy (once again) fails the Chinese test

Lots of folks in Washington don’t think the Bush Administration and the Congress are serious about cutting the fiscal deficit, and reducing the strain the federal government places on anemic US savin…

June 14, 2005

China
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…

September 18, 2005

United States
Synthetic CDOs, China and Systemic Risk

I suspect the stock of outstanding synthetic credit derivatives -- $ 1500 b in synthetic CDOs in 2004 v. $300 b or so in 2001, according to Mark Whitehouse of the Wall Street Journal -- is the only t…

July 26, 2005

China
Andy Xie gives no quarter

Xie to the market (and to the US): Take your 2% and stop telling China to revalue! Here is the difference between Xie and me, put simply. Xie thinks the US is trying to get China to "artificially"…

August 8, 2005

China
China was for buying Unocal before it was against it …

This Saturday FT story made little sense to me, apart from an ex post attempt to save face.   Better for the Chinese government to say the CNOOC's bid failed because it did not have a ton of gove…

October 5, 2006

Economics
A world turned upside down …

I guess it is only natural that in world where capital flows – in unprecedented sums – from the poor to the rich, that the poor countries on the periphery also have lower inflation rates than the US…

May 18, 2007

China
Exchange rates don’t matter. At not least not the RMB/ dollar …

Sometimes it seems that the larger China’s current account surplus – and the bigger the share of the US current account deficit financed by China’s government – the more insistent the Economist becom…

August 5, 2007

Budget, Debt, and Deficits
Taxing the kings of private equity like the rest of us

Cheers to the New York Times,  the Financial Times, the Economist,  Charlie Rangel, Robert Rubin, Alan Blinder, Paul Krugman, Warren Buffet (I think it is implied here), Bill Gross, Greg Mankiw (extr…