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January 2, 2005

Budget, Debt, and Deficits
Social Security Crisis in 2018? Ridiculous

Take a look at this Washington Post article by Jonathan Weisman, which the big blogs have justly pounced on. The initial framing of Weisman’s article is just way, way off. Social security in no way…

December 6, 2004

Financial Markets
Surprise, Surprise: the Treasury waited til December to clear China of currency manipulation

It 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 …

March 4, 2005

Emerging Markets
A few lessons for Mary Anastasia O Grady

I do not expect to consistently agree with the oped page of the Wall Street Journal. But I do not think it is too much to ask that the columnists on oped page of the Journal try to square their argu…

March 8, 2005

United States
The sharecropper society

I suspect Warren Buffet would agree with Bill Gross.There is one easy way to make it easier for the US to deal with its own aging population: Stop promising so much of our future income to support th…

April 30, 2005

Monetary Policy
Japanese reserve management v. Chinese reserve management; transparent v. not.

Billmon has an interesting post up that lays out his take on the current state of the economy. It includes an interesting analysis of how a slowing US will interact with the new Bretton Woods 2 syst…

March 9, 2005

Monetary Policy
Reserve accumulation and the financing of the February US trade deficit

The dollar is under a bit of pressure today. The renminbi keeps falling too. The logic behind China’s tight peg to the dollar continues to elude me. The US dollar needs to depreciate as part of an…

March 25, 2005

Economics
Trans-Pacific Real Estate Bubbles

If you think that speculation on real estate has replaced the stock market as the US national pastime, try visiting China.I expected Beijing to be one large construction sites, and was not disappoint…

August 5, 2005

Capital Flows
China, the US and the geopolitics of oil

The CNOOC Unocal saga is over. But CNOOC's ambitions remain: Energy market experts now expect Cnooc, which is controlled by the Beijing government, to explore opportunities throughout the Asia-Pa…

November 19, 2004

Greenspan in the news

Alan Greenspan’s comments on the US twin deficits are getting lots of play. Just saying that at some point foreign appetite for US assets is likely to diminish and won’t stay at its current strong p…

July 26, 2005

Europe
Mining European data

I spent some time over the weekend delving into the Eurozone balance of payments data published by the ECB in its monthly bulletin, looking for insights into the global flow of funds. But to jazz thi…