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September 4, 2014

China
Notable Quotables From THE BATTLE OF BRETTON WOODS

“The various currencies, which were all maintained on a stable basis in relation to gold and to one another, facilitated the easy flow of capital and of trade to an extent the full value of which …

Notable Quotables From THE BATTLE OF BRETTON WOODS

January 19, 2016

You Might Have Missed: Academic Journals IV

This is the fourth blog post in this series. The previous three were published in February, July, and October 2015, and highlight earlier academic findings.  Cullen S. Hendriz, “A House Divided: Thr…

Rwanda Library

June 30, 2005

Capital Flows
CNOOC (once again)

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…

March 27, 2006

United States
Good thing Michael Mandel read my 2004 paper, not my 2005 paper -

With the 2004 paper on US external sustainability, there is at least some possibility that Nouriel's and my dire forecasts will prove to be right.   The core argument of that paper is that the co…

June 1, 2011

Intelligence
Osama Bin Laden’s Death: One Month Later

Tomorrow marks the one month anniversary of President Barack Obama’s appearance before the nation to announce that “the United States has conducted an operation that killed Osama bin Laden.” Accordin…

Osama Bin Laden’s Death: One Month Later

May 4, 2016

Energy and Environment
Beyond Climate Confusion: Why Both Energy Innovation and Deployment Matter

I have a new essay in the May/June issue of Foreign Affairs—“The Clean Energy Revolution: Fighting Climate Change with Innovation”—which I co-authored with Teryn Norris, a former advisor at the Depar…

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November 28, 2005

China
China still pegs to the dollar …

And it intervenes in a big way in both the spot and the forward market.  But it doesn't manipulate its currency.  At least not technically.   The US Treasury - in a widely telegraphed move - deci…

April 6, 2012

Defense and Security
Friday File: Malian Rebels Proclaim Independent Country of Azawad

Above the Fold. Tuareg rebel fighters in northern Mali today declared the independent country of Azawad. The announcement comes on the heels of the rebels’ rapid success in driving government forces …

sanogo-tuareg-rebels-2012-04-06

March 9, 2005

United States
Beware, should Norway ever diversify its petroleum fund: more than you want to know about the market for US debt

The fastest growing US export: Debt, without a doubt.Exports of long-term debt securities have grown from $404.5 billion in 2001 to $890 billion in 2004. That is an impressive 120% increase over fou…

April 18, 2006

China
Not working — China’s attempts to rebalance its economy

China's leaders talk of rebalancing the basis for Chinese growth, shifting from exports and investment to consumption.   That makes a lot of sense to me.  China's economy is every bit as unba…