There is a common sense that social security is bankrupt and people now in their 20s and 30s won’t get anything from it. That is false. Social security can fund all projected benefits until someti…

I don’t expect many journalists will delve into it, but the IMF staff report on Iraq is a fountain of information. My favorite number: in 2004, the amount Iraq will spend importing (yes, importing) …

Monthly exports set a record sounds better than third highest monthly trade deficit ever, or second highest monthly imports ever. All accurately describe this month’s trade release.The fact that exp…

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…

That does not necessarily mean the Turkish lira is cheap. Right now, given Turkey’s almost US scale current account deficit (close to 5% of GDP), the lira probably is a bit overvalued. Turkey is go…