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…
October 13, 2004
United StatesOil above $50 a barrel is not good for the U.S. trade balance. Higher oil prices are a tax on US consumers, with the proceeds pocketed by oil exporters. If oil stays above $50 in November and Decem…
December 7, 2004
Capital FlowsMonday’s FT had the story, drawing on this just released BIS report. It seems OPEC countries are holding fewer dollars and more euros in their external bank accounts. (Thanks to Marcel for alerting…
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 22, 2004
It is a simple point, but an important one. Wolf says the United States would be fine if it reduced its current account deficit from 6% of GDP to 3% of GDP. External debt to GDP then stabilizes at …
February 25, 2005
Capital FlowsOn Thursday, the Financial Times, the New York Times and Tom Friedman all weighed in on Asian reserve diversification. Paul Blustein of the Washington Post has an A1 story today on another of my comm…