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November 12, 2006

United States
“Convenient to the point of being self-serving … but it seems right”

Those are the words Charles Dumas and Diana Choyleva of Lombard Street Research use to describe Bernanke's savings glut hypothesis in their book "The Bill from the China Shop."  They write:In March 2…

November 16, 2006

Monetary Policy
I am big in Denmark …

OK, not really.  I suspect my entire Danish readership either has already heard my interview with Peter Harmsen of the DBC on Chinese reserves, or knows about as much about the topic as I do (the fol…

January 10, 2007

United States
The sum of my fears (the future course of the trade deficit)

As Calculated Risk shows, the US non-oil trade deficit has been flat for sometime now.   If you project out a flat non-oil trade deficit and a falling petroleum deficit, the overall deficit should he…

07_trade_1

February 13, 2007

United States
The 2006 trade data

It seems to me that there are at least three big stories in the US trade data, maybe four or five ...The first is that US exports grew quite strongly in 2006.  And goods exports outperformed services…

March 15, 2007

Financial Markets
Just how big is the yen carry trade?

Stephen Jen of Morgan Stanley insists not-so-big.  Or at least that the large size of the carry trade cannot be proved – and that the impact of any recent unwinding has been overstated.   That is his…