One country’s external debt is another country’s asset. The U.S. capital account data leaves little doubt that foreign central banks have been a huge source of financing for the U.S. current account…

There is a common sense that social security is bankrupt and people now in their 20s and 30s won’t get anything from it. That is false. Social security can fund all projected benefits until someti…

Adam Thomson of the FT has an interesting article arguing that Argentina’s bond restructuring could succeed if Argentina is willing to offer bondholders 30 cents on the dollar, only a bit more than t…

Last night, Vice President Cheney claimed that US allies were contributing $80 billion to the war in Iraq by providing Iraq with debt relief. He compared this $80 billion in debt relief to the cash …