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…

hold lots of worthless IOUs in their portfolios (link via Dan Gross/ Moneyblog).There seems to be a lot to talk about this weekend, whether the Fed’s various views on the risks associated with the US…

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…

I suspect that the US is not prepared for the implications of a world where China’s reserves are rising fast enough to allow China to finance the purchase of one Unocal every month. I also would bet…

I suspect the stock of outstanding synthetic credit derivatives -- $ 1500 b in synthetic CDOs in 2004 v. $300 b or so in 2001, according to Mark Whitehouse of the Wall Street Journal -- is the only t…