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-…

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…

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…

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…

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 unbalanced a…