reserves

By L. Randall Wray Washington's deficit hysteria has morphed into gridlock over expansion of federal government debt limits. It is as if that stupid “debt clock” on Times Square had run out of electrons to keep the numbers racing ever…

By Michael Pettis Barry Eichengreen had a very interesting piece in last week’s Wall Street Journal. In it he argues that we are approaching the end of the period in which the US dollar is the world’s dominant reserve currency, and…

Egypt reserves for February were reported today, and fell almost 5% ($1.7 bln) from January to $33.3 bln. This follows a $1 bln decline in January, and the stock market hasn't even reopened yet. While officials are likely very concerned…

The last time Ray Dalio conducted a major interview, the global economy seemed to be headed toward a major depression. This was in February 2009 when Barron's had a conversation with Bridgewater Associates' Ray Dalio. For his part, Dalio…

This is a wonkish post, but bear with me, because it's important. Randall Wray's last post sparked a thought regarding trade deficits and budget deficits which I wanted to run by you. Randy said: We see from the chart that the…

by L. Randall Wray In recent months, the nation's pundits have been whipping up deficit hysteria in a mass public mis-education campaign funded by billionaire Pete Peterson. In this blog I will explain why we should not be misled. First,…

by Annaly Capital Management Following up on our post from Friday, in which we illustrated the currency reserve and GDP market share of a number of different countries, a kind reader asked a question: “I wonder what percentage of the…

Whether or not we are witnessing the end of the debate in Europe or simply another milestone on the way to The United States of Europe is a question for a dissertation, not a blog. In the meantime, these questions lead us to consider the…

There has been a lot of chatter of late about countries ditching the US dollar as the primary reserve currency and moving on to something else. Robert Zoellick mentioned gold as the alternative. Nicolas Sarkozy has been talking up special…

by L. Randall Wray We are in the third act of the theater of the absurd. In the first act, Chairman Bernanke created QE1, through which the Fed bought $1.75 trillion of assets from banks—mostly trashy mortgage backed securities, but also a…