Monday’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…

I am going to be away from my desk next week, and don’t expect to be posting much -- at least not until next Friday. I’ll miss three key data releases:The October trade data on Tuesday.The October T…

My harping on the fact that US economic policy now has to pass a global test is not simply meant to score rhetorical points. I suspect that the same folks who financed the expansion of the US curren…

My modest proposal: anyone writing about Social Security should have to pass a test demonstrating that they have read the Social Securities trustees report, and understand the basic dynamics of a sys…

General Sinseki famously -- and it seems accurately -- warned of the risks of a "12 division strategy and a 10 division army." To paraphase the US Defense Secretary: You fight a war with the army y…