The IMF released its data on global reserve growth on Friday.   And – to no one’s real surprise – the IMF data indicated that there is one key reason why capital flows uphill in today’s global econom…

The interest rate on the 10 year Treasury note is somewhere between 4.0-4.1% -- and the US seems to be having no trouble financing its current account (or its budget) deficit right now. The risk of…

Last week, I attended a conference on international financial reform. These kinds of conferences don’t really produce consensus; there is no need to agree on anything. But there was a sense -- a…

What gold was to Bretton Woods 1?In the post war Bretton Woods system, the dollar was - at least in principle - fully convertible into gold at a fixed rate.   In practice, after a certain point in th…

At least that is how I read the latest Paul McCulley/ Andrew Balls paper.   By the way, Andrew Balls, welcome to the world of financial opinion journalism … otherwise known as economic analysis and m…