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January 8, 2005

The FT should have done better

Usually, the FT -- including its oped page -- can be counted on to be the voice of moderate reason. That’s why I was slightly disappointed by this line in today’s FT leader:"Other critics argue that…

January 24, 2005

Monetary Policy
Tyrants beware (except those we need to keep on financing us)

Today’s FT highlights the risk that the US will not benefit from cheap financing from the world’s central banks growing dollar reserves forever. Apparently, a new survey of central bankers suggests …

May 1, 2005

China
Will China get hit by the cover jinx?

It is a bit hard to start shorting the renminbi (RMB/ the Chinese currency) just because China has now made its appearance on the cover of Newsweek. It is hard to short something that has yet to be …

May 23, 2005

China
Five myths (or half truths) about China and the renminbi

China’s exchange rate peg has attracted a lot of attention recently, in the market, among the public and in the press. (also here, here and many other places)Alas, too much of the commentary seems t…

May 30, 2005

United States
Memo to Kirstof: China has some responsibility for global imbalances too

Nick Kristof accuses the US -- Democrats in Congress in particular -- of scapegoating China, and blaming China for global economic problems (more accurately, the risk of global economic problems) tha…

July 27, 2005

China
Forget Unocal. China really wants Intel

At least that is what "John Rutledge, a former economic adviser to President Bush" thinks.  To maintain its competitive advantage, Chinese companies must acquire technology that will make the country…

July 21, 2005

China shifts to a basket peg

But the change against the dollar is small.  Very small. Too small in my view to have much of an economic impact, in any way.  On trade flows.  Or on capital flows.  I would still bet on a furth…

August 19, 2005

Capital Flows
Iraq: What happened to US plans for an extreme makeover of the economy?

I agree with Mark Thoma more often than naught.   I certainly share his concern about the shifting sectoral composition of output (translated from economese to English, more jobs in housing), and, li…

July 28, 2005

Emerging Markets
Argentina has found an easy way to keep its reserves from rising

Pay off the IMF. Argentina is one of the few countries whose reserves have been growing about as fast as China's.  It just started 2003 with about $10 b in reserves (and a ton of debt), whil…

October 2, 2005

Europe
Germany 1, France 0? Plus some musings about the politics of globalization

I agreed with a lot of what Fareed Zakaria wrote about Germany - certainly I would agree that Germany has done a lot more reform than France over the past few years.Compare Germany with France. In Ge…