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November 20, 2004

Politics and Government
Optimist or Ostrich?

For those who want dispassionate economic analysis devoid of politics, read no further. Wait for my next dollar post. This is a center-left response to the Lexington column in this week’s Economist…

November 12, 2004

Capital Flows
Geopolitics of a new G-7

There is a growing sense that the G-7 no longer is the right grouping for discussing today’s major international macroeconomic issues. It is hard to see, for example, how you can discuss "global reb…

December 2, 2004

Financial Markets
Renminbi tests multi-year lows against euro, pound, yen …

The 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…

November 5, 2004

Financial Markets
Will Bush economic policy pass the global test?

The dollar is falling even with strong jobs numbers. That makes sense. Jobs = consumption = trade deficits, especially since bush = no tax cuts and rising spending (spending on the war and homeland…

November 23, 2004

The budget deficit before all the bad stuff

Isn’t that what leaving any increase in deficit associated with partial privatization of social security off the books implies?Bush’s formula on the dollar in Santiago emphasized the need to control …

December 7, 2004

United States
No Warm Glow from the Nobel Prize Here

Or more precisely, one of this year’s Nobel Prize winners in Economics seems to disagree with parts of the analysis Nouriel and I have been putting forward. It seems like Nouriel and I don’t underst…

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 …

December 8, 2004

Budget, Debt, and Deficits
The central bank bid

It seems like America’s biggest creditors stepped up to the plate today. China’s rapidly growing reserves have to go somewhere ... From Bloomberg:"So-called indirect bidders, which include the forei…

October 25, 2004

Economics
In the second Presidential debate …

President Bush was asked to name three mistakes he had made. He declined, other than to hint that perhaps he had hired a couple of people he should not have (Paul O’Neill, I suspect he meant you). …

November 11, 2004

Korea blinks, rejoins the dollar block

Or so the FT reports. The Bank of Korea seems to have concluded the Korean won was strong enough and bought dollars/ sold won to limit the won’s appreciation. And the Bank of Korea may not have bee…