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August 9, 2007

China
The balance of financial terror, circa August 9, 2007

Back in early 2004, former Treasury Secretary Lawrence Summers highlighted the emergence of what he termed the "balance of financial terror."   China – and others – relied on the US for demand that t…

Blog Post by Brad W. Setser Follow the Money

July 30, 2008

Monetary Policy
Just how stabilizing?

Russia’s central bank has indicated that it has cut its holdings of Fannie and Freddie debt by about half since the beginning of the year. Russia’s central bank claims its $100 billion portfolio …

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Blog Post by Brad W. Setser Follow the Money

September 18, 2005

United States
Synthetic CDOs, China and Systemic Risk

I suspect the stock of outstanding synthetic credit derivatives -- $ 1500 b in synthetic CDOs in 2004 v. $300 b or so in 2001, according to Mark Whitehouse of the Wall Street Journal -- is the only t…

Blog Post by Brad W. Setser Follow the Money

February 26, 2005

Emerging Markets
Has Argentina changed the rules of the sovereign debt game?

Argentina is on the verge of completing one of the largest sovereign debt restructurings in history. Argentina is seeking to restructure about $82 billion in bonds, plus $21 billion or so in past d…

Blog Post by Brad W. Setser Follow the Money