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January 17, 2014

Defense and Security
You Might Have Missed: NSA Reforms, CIA Drone Strikes, and Benghazi

“Presidential Policy Directive/PPD-28: Signals Intelligence Activities,” White House, January 17, 2014. When the United States collects nonpublicly available signals intelligence in bulk, it shall u…

Obama NSA speech
Blog Post by Micah Zenko Politics, Power, and Preventive Action

March 5, 2008

China
What can not go on forever seems to be going on forever: China’s amazing January reserve growth

Let’s just say that Wang Qishan has his work cut out for him.Reuters reports that China’s reserves increased by $61.6b in January alone. That is a stunning sum. $60b is roughly the size of the US m…

Blog Post by Brad W. Setser Follow the Money

December 23, 2008

Monetary Policy
What is going on with China’s reserves?

Are they up? That is what one Chinese source suggested in late November. Logan Wright of Stone and McCarthy took a peak at the PBoC’s balance sheet and it indicated that reserves (measured in RM…

Blog Post by Brad W. Setser Follow the Money

January 13, 2008

China
Are China’s foreign assets growing by $430b a year? $500b a year? Even more rapidly?

It is almost impossible to overstate the scale of China’s reserve growth. China just announced that its reserves increased by $461.9b in 2007. Its reserves "only" increased by $247.5b in 2006. …

china_reserves_thru_07.jpg
Blog Post by Brad W. Setser Follow the Money

October 15, 2008

China
Will the world’s macroeconomic imbalances soon reduce to China’s surplus and offsetting deficits in the US and Europe?

The recent fall in oil prices, if sustained, should bring down the external surplus of the oil exporters. $80 a barrel is well above the average price of oil for most of the 1990s – or for that mat…

china-q2-08-1.PNG
Blog Post by Brad W. Setser Follow the Money