347 Results for:

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…

May 27, 2005

Economics
Housing bubbles, the great plains and the coast

Not all parts of America are enjoying a housing bubble. $65,000 will buy a brick home with three bedrooms and a two car garage in Stafford Kansas, though maybe not ten acres of prairie as well. Low…

March 29, 2005

United States
Too big to behave rashly

According to Andrew Samwick, the world’s central banks are too big to behave rashly. As he puts it: "We’re too big an economy, and our creditors’ portfolio holdings are simply too large for them to …

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…

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…

August 26, 2005

United States
Dollar crashes, interest rates fall?

Alan Greenspan's legacy may hinge on whether that headline is written, or whether the headline reads: "Dollar crashes, interest rates surge." From Reuters:Although a dollar crash is unlikely anyt…

November 17, 2005

China
Can the Pentagon balance Chinese power …

with money the Treasury borrows from China?  Ok, China, Russia and Saudi Arabia ... The answer so far has been yes.   The Pentagon - or at least influential voices in the Pentagon - want to discoura…

July 6, 2005

China
Worrying about debt to China

Jesse Eisinger has a nice Long and Short column exploring CNOOC’s bid for Unocal in the Wall Street Journal. I liked this quote from Lehman’s Ethan Harris:The Cnooc bid "strikes people that we really…

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…

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…