It looks like John Snow did Andy Card one last favor before stepping aside: late on Friday, the Treasury quietly issued the annual foreign currency report. To no one’s surprise, the report declared …

No Surprise: the People’s Bank of China. The PBOC has shifted from buying treasuries (03) to buying mortgage backed securities (04).From Reuters: "Make no bones about it, mortgages really went globa…

Kevin Drum brought the latest National Review "trade deficits do not matter" article to my attention today. I learned a few things, namely that Steven Roach is part of a media misinformation campaig…

I rarely agree with Steven "trade deficits do not matter" Jen.   His models for G3 exchange rate determination leave out a variable - the pace at which the US is adding to its external debt and its r…

Nouriel has already commented on the Economic Report of the President.    He didn't exactly like its international chapter.  It didn't rub me the wrong way quite as strongly - in part because I am mo…