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December 3, 2008

China
Should the currency of the country with a large and growing trade surplus and large and growing reserves depreciate against the dollar?

On Monday China apparently decided to allow the renminbi to depreciate against the dollar. Let’s be clear: China generally still has to intervene in the market to keep its currency from appreciat…

Should the currency of the country with a large and growing trade surplus and large and growing reserves depreciate against the dollar?

April 23, 2015

Technology and Innovation
Why Moore’s Law Doesn’t Apply to Clean Technologies

Over the weekend, Moore’s Law—the prediction that the number of transistors (building blocks) on an integrated circuit (computer chip or microchip) would double every two years—turned fifty years old…

Cover Image Resized

January 13, 2009

Monetary Policy
Secrets of SAFE: A sharp slowdown in reserve growth and large “hot” outflows in q4….

China’s formal foreign exchange reserves rose by about $40 billion in the fourth quarter, rising from $1906 billion to $1946 billion. Adjusted for valuation changes, that works to a $55 billion or …

Secrets of SAFE: A sharp slowdown in reserve growth and large “hot” outflows in q4….

December 19, 2007

China
The alliance between China’s (nominally) communist government and Wall Street deepens …

The China investment corporation (the CIC) is investing $5b in Morgan Stanley, taking a 9.9% stake.That is a bit of a surprise, at least to me.   After the CIC's (mark to market) losses on Blackstone…

November 2, 2011

Military Operations
Airpower Turns 100

A replica of the Taube airplane similar to the model that Lieutenant Gavotti piloted in 1911. Before humans were capable of heavier-than-air-powered flight, thinkers were already conceiving of ways …

A replica of the Taube airplane that Lieutenant Gavotti piloted in 1911.