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January 2, 2005

Budget, Debt, and Deficits
Social Security Crisis in 2018? Ridiculous

Take a look at this Washington Post article by Jonathan Weisman, which the big blogs have justly pounced on. The initial framing of Weisman’s article is just way, way off. Social security in no way…

March 4, 2005

Budget, Debt, and Deficits
Undisputed Unaffordability

That is a phrase from the Washington Post’s oped on Social Security.I think it goes a bit too far, so I want to dispute the "undisputed unaffordability" of Social Security.I do not dispute that there…

December 16, 2004

Will Americans lose confidence in the dollar before foreign central banks …

There are two groups of investors that are massively overweight US assets: the world’s central banks, who still hold most of their reserves in dollars, and US domestic savers. US residents keep the …

April 27, 2005

United States
The comfortable road to ruin …

Read Martin Wolf’s latest column. His focus on emerging economies -- particularly in Asia -- is dead on. The "glut" of global savings originates there, far more than in Europe. The Euro zone’s cur…

August 19, 2005

China
Comments on Dooley, Garber and Folkerts-Landau: part 1, China

As usual, Michael Dooley, Peter Garber and David Folkerts-Landau are provocative. And in a lot areas, the arguments made by those - like Dooley, Garber and Folkerts-Landau -- who argue that the Brett…

China Reserves Graph

November 6, 2005

Economics
What risks should the American workforce assume in a more global economy?

Sebastian Mallaby had an interesting column in last Monday's Washington Post.   Mallaby highlights what he calls the biggest economic argument of the day -- namely, what role does the government …

November 15, 2005

Economics
RGE Econoblog with Sebastian Mallaby

OK, not a true Wall Street Journal style Econoblog.   But Sebastian Mallaby of the Washington Post noted my response to his October 31st column, and has agreed to allow me to publish our email exchan…

November 16, 2005

United States
The Twin Deficits … an early look into 2006

I wanted to try to pull together some of my thoughts after various data releases of last week:The US September trade dataThe Chinese October trade dataThe October US budget dataAnd from a bit earlier…

2004 non oil trade

November 8, 2004

Pepsi is no longer red, white and blue

Buried deep within the Scott Kilman’s Monday WSJ article on rising food imports is the following gem:"Much of the Pepsi-Cola sold in the US is made from concentrate imported from places such as Irela…

April 6, 2005

Monetary Policy
Sometimes, it is worth listening to what policy makers in emerging economies are saying

The Koreans, I suspect, let the cat out of the bag. Korea knows the value of reserves, and the risks of holding too few reserves. Indeed, absent an IMF loan and a last-second deal with their credit…