428 Results for:

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 - decided …

January 28, 2006

China
Another great irony of history: The Chinese Communist party is a very profitable real estate company

Max Sawicky noted that key source of recent job creation in the capitalist United States has been the US government, which itself is financed, in no small part by the People's Bank of China.  The ex-…

February 8, 2006

Monetary Policy
The central bank (and oil fund) bid

I am constantly amazed by the concern well paid Wall Street economists display for poor Chinese peasants.    China, you see, cannot revalue the RMB without devastating rural China.  A revalued RMB wo…

February 21, 2006

Emerging Markets
Frederick Kempe of the Wall Street Journal gets an awful lot of things wrong

As, I suspect, does Joseph Quinlan of the Bank of America- the source of much of Kempe's analysis.   Kempe's core argument: consumers in emerging markets are driving global demand.   His eviden…

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 contin…