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Why the US current account deficit is the solution to the problem of world trade!
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"Most people consider the US current account deficit as a problem." But "to trade, the world needs USD and where will the world find USDs if the US doesn't export any?"
GaevKal
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Japan's Monetary Policy
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"The Bank of Japan has followed a much tighter monetary policy over the past 15 years than widely recognised."
Crossborder Capital , Michael Howell
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Greenspan And Gold
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"We have long believed that Fed Chairman Greenspan follows the gold price. During most of his 18-year tenure at the Fed, the gold price has been relatively well-behaved, and indeed spent a long time trading quietly between US$350-400/oz."
Crossborder Capital , Michael Howell
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Exchange Rates and Trade Fallacy
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"The biggest red-herring swimming in economic waters is the importance attached to trade and current account deficits."
Crossborder Capital , Michael Howell
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International Capital Flows and the Emerging-Market Economies
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"The current pattern of net capital flows is more the deviation than the norm. The developing economies in the aggregate swung into current account surplus only in the past decade. Moreover, at present, only a subset of developing economies account for those surpluses, and even those are enjoying substantial gross capital inflows."
Remarks by Governor Randall S. Kroszner
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The Mystery of Capital
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In strong opposition to the popular view that success is determined by cultural differences, de Soto finds that it actually has everything to do with the legal structure of property and property rights.
Basic Books, Pub. Date: July 2003 , Hernando De Soto
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Globalization and Financial Development
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In the United States and many other countries, students learn that the key to success is hard work. Yet when we look at many developing countries, we see people who work extremely hard for long hours. Their wages are low, and so they remain poor. And as a whole, their countries remain poor. If hard work does not make a country rich, what does?
Remarks by Governor Frederic S. Mishkin
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It's a Profit Deal
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"Say what you will about industrialization and soot and Mary Poppins chimney sweeps, men’s life expectancy in England jumped from 35 to over 55 from 1800 to 1900, and kept rising to its level of 80 years today. Wealth from industrialization led to better food, better medicine, better science. Yes, it also led to bizarre Victorian morals and robber barons and all the ugly mutations of concentrated wealth, but for my dollar, it beats waking up at 5 a.m. and milking the chickens. "
Andy Kessler
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Part 2: So What Should We Worry About?
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At the beginning of April, we published a report entitled Part 1: Why We Remain Bullish. In that report we returned to some of the key themes we have presented in our research in recent years, namely a) the positive changes that our underpinning global economic growth, and b) the continued undervaluation of equities. We also introduced a new reason to be bullish: the rapid recovery following the brutal sell-off of late February-early March.
GaveKal Research , Louis-Vincent Gave
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Hank And Ben; Al And Sue
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"Is a US/Asian currency deal being stitched together ?
the creation of an ‘Asian Dollar’ would polarise the World economy into two rival
groupings"
Crossborder Capital , Michael Howell
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