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…

The Fed has started to tighten, Greenspan said anyone who has not hedged their interest rate risk desires to lose money. Yet higher short-term rates have not led to higher long-term rates. In the j…

Three somewhat wonky and technical thoughts:1) Do not underestimate Korea just because it does not hold as many reserves as China and Japan. $200 billion is $200 billion. Moreover, the combined re…

Dan Drezner started a post with the Triffin dilemma, so I figure I too can digress into the realm of history.The Bretton Woods system of fixed exchange rates (Bretton Woods 1) collapsed, in some sens…