I think the folks over at TPM Café are right: David Brooks' latest New York Times column is a real flip-flop.  He has gone from celebrating the United States firm commitment to universal democratic p…

I really liked Krishna Guha’s analysis of global imbalances that appeared in Wednesday’s FT.    His emphasis on the role of exchange rate adjustment in global rebalancing seemed right to me.  Exchang…

Larry Summers – picking up on a phrase perhaps first used by Michel Camdessus -- liked to call the Mexican crisis the first financial crisis of the 21st century.   Mexico’s decision to exhaust its re…

The Wall Street Journal says it is London.  The Yves Smith of Naked Capitalism cries foul: the real SIV-City is Citi.   Yves Smith has a point.   The Journal’s reporting makes it clear that Citi – an…

Joanna Slater of the Wall Street Journal notes that many countries that were resisting pressure for upward appreciation are now selling dollars to defend their currencies. I very much agree with the…