Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
December 2, 2004
Financial MarketsThe renminbi seems to have reached a new low against the euro today, breaking through the low set yesterday before a very brief little rally. Every time the renminbi-dollar tumbles, I am reminded wh…
December 6, 2004
Financial MarketsIt looks like John Snow did Andy Card one last favor before stepping aside: late on Friday, the Treasury quietly issued the annual foreign currency report. To no one’s surprise, the report declared …
December 10, 2004
Emerging MarketsYields on Latin American bonds have not been this low for a long time. It is hard to believe that Brazil’s 20 year dollar bond trades at a yield of only 8%, and most long-term Brazilian bonds are in …
December 11, 2004
United StatesMy 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…
December 16, 2004
There are two groups of investors that are massively overweight US assets: the world’s central banks, who still hold most of their reserves in dollars, and US domestic savers. US residents keep the …