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October 20, 2004

Capital Flows
The IMF staff report on Iraq is a goldmine

I don’t expect many journalists will delve into it, but the IMF staff report on Iraq is a fountain of information. My favorite number: in 2004, the amount Iraq will spend importing (yes, importing) …

November 6, 2004

Will Japan be able to stay on the sidelines for long?

Some facts: 1) In 2003, Japan increased its reserves by $200 billion, emerging Asia by $245 billion. The world as whole increased its reserves by $500 billion, so Asia accounted for most of the worl…

November 20, 2004

United States
Large Players in Large Markets

One of the world’s ironies is that even as John Snow putters on about how currency values should be set by market forces, the market -- or at least the private market -- is now playing a comparativel…

December 6, 2004

Financial Markets
Surprise, Surprise: the Treasury waited til December to clear China of currency manipulation

It looks like John Snow did Andy Card one last favor before stepping aside: late on Friday, the Treasury quietly issued the annual foreign currency report. To no one’s surprise, the report declared …

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 22, 2004

US economic policy does not pass the Chinese test

You could sort of see this headline coming: China tells the US to put its house in order. Lenders never like receiving lectures on sound economic policy from their borrowers. John Snow might have …

November 15, 2004

Where are George Soros and the other macro hedge funds?

With apologies to Philip Coggan, I plagarized his FT headline from a few days ago -- he asked the same question as Brad DeLong, namely, why aren’t big bets from big macro hedge funds driving the doll…

January 10, 2005

United States
Apparently, like budget deficits, trade deficits do not matter anymore

Kevin Drum brought the latest National Review "trade deficits do not matter" article to my attention today. I learned a few things, namely that Steven Roach is part of a media misinformation campaig…

January 3, 2005

Budget, Debt, and Deficits
Borrowing is Saving, Up is Down

Edmund Andrews of the New York Times provides the Rosetta stone that lets us decipher the Bush Administration’s plan to cut the deficit, which seems to be a plan to pretend to cut the deficit. Here i…

January 5, 2005

Capital Flows
Competitve compassion: the coming development debate

Act one: Tsunami. A few well-timed comments on stinginess produced an outpouring of aid.Act two: The UK plans a "development" G-8 summit. The summit won’t happen for a while, but the real negotiati…