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November 8, 2004

Pepsi is no longer red, white and blue

Buried deep within the Scott Kilman’s Monday WSJ article on rising food imports is the following gem:"Much of the Pepsi-Cola sold in the US is made from concentrate imported from places such as Irela…

November 30, 2004

United States
Their savings, our problem?

It seems like American households are now saving about a penny of every dollar they earn, and recently even less. Foreigners exporting to the US, in contrast, save roughly 35 cents of every dollar …

March 18, 2006

United States
What Geithner said. And then some

Most of the blogosphere has already weighed in on Tim Geithner's most recent speech.   I am a bit late to the party.   And I may not have much to add. I deeply agree with Geithner's argument…

March 12, 2007

China
Just what is in China’s portfolio? And do foreign central banks think Agencies are Treasuries?

China's decision to set up a new investment authority with a mandate to invest in a range of assets -- not just traditional reserve assets -- has attracted a lot of attention.  But as the Bank of…

March 28, 2007

United States
Global adjustment — the US, Europe, Asia and last but not least the oil exporters

Folks have been worrying about the current account deficit for so long that “Wall Street is downright bored with it.”    Trust me, I know.  But just because the world’s central banks have financed an…

April 17, 2007

Financial Markets
Saudi riyal, Kuwait dinar, UAE dirham hit multi-year lows v. the pound …

They are also getting close to a record low v. the euro. Yet oil is, well, still rather strong.   Against the dollar.  But also against the pound and euro.   The euro and pound have gained significan…

August 28, 2007

China
Just how large is China’s subprime exposure?

Josef Joffe: [Can Moscow and Beijing] mend a global financial system battered by subprime crisis?   Where are the central banks of Russia and China?  Hmmm.    The fact that China and the oi…

August 22, 2007

China
The one thing the US really exports to China

John Cassidy is right.  The leading US export to China is high-quality housing debt.   The toxic waste generally went elsewhere – thought there are now hints that China (perhaps the state bank…

china_debt_tic_data_mid_07

September 4, 2007

China
Close to $500b of debt purchased over the last 18 months, and not a cent of subprime …

China’s reserve managers – the State Administration of Foreign Exchange – recently reported that they have exactly zero exposure to US subprime mortgages.    “"China's official forex reserves d…

May 20, 2007

China
What, if anything, has China decided to do differently?

China widened the band around the RMB and raised (slightly) interest rates, with the rate on deposits going up more than the rate on lending.     It hardly seemed like a major policy shift to me – bu…