312 Results for:

December 11, 2004

United States
The Global Test

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…

May 14, 2005

Economics
It seems like both the People’s Bank of China and W

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…

September 18, 2005

United States
Synthetic CDOs, China and Systemic Risk

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…

July 14, 2005

Capital Flows
Is oil always sold to the highest bidder?

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…

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…

November 26, 2005

Economics
Kansas is flat, the world is not …

To paraphrase the New Economist, the Financial Times must think the world is flat.  They just gave Tom Friedman the inaugural Financial Times/ Goldman Sachs book prize last week - for a book based on…

chart 1

October 28, 2005

United States
Yet more on Bernanke and the savings glut

Brad DeLong seems to have dug up what Dr. Bernanke thought about fiscal deficits before he discovered the global savings glut ...  namely, structural fiscal deficits tend to raise real interest rates…

December 6, 2005

United States
Alan Greenspan, financial globalization, home bias and central bank reserves

The very last paragraph of Alan Greenspan's last speech on global imbalances seems to have generated the majority of the press that came out of his London speech on global imbalances.   I kind of…

home bias and central banks

November 6, 2005

Economics
What risks should the American workforce assume in a more global economy?

Sebastian Mallaby had an interesting column in last Monday's Washington Post.   Mallaby highlights what he calls the biggest economic argument of the day -- namely, what role does the government …

October 23, 2005

China
China’s crazy numbers

The Big Picture is right.  China's growth numbers are not to be trusted.   China's growth almost certainly slowed more than the government acknowledged in say 1998 and 1999, after the Asian c…