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Michael Pettis

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Are we starting to see why its really the exorbitant “burden” This may be excessively optimistic on my part, but there seems to be a slow change in the way the world thinks about reserve currencies.

Are we starting to see why its really the exorbitant “burden”

For a long time it was widely accepted that reserve currency status granted the provider of the currency substantial economic benefits. For much of my career I pretty much accepted the consensus, but as I started to think more seriously about the components of the balance of payments, I realized that when Keynes at Bretton Woods argued for a hybrid currency (which he called “bancor”) to serve as the global reserve currency, and not the US dollar, he wasn’t only expressing his dismay about the transfer of international status from Britain to the US. Economist and indie music lover finds a perfect fit for his two passions It's Zoomin' Night at the XP club, a time for experimenting with new sounds and music.

An intense young man is pulverizing a snare drum while letting rip with primal roars and piercing electronic feedback. A girl on bass guitar keeps a rhythm of sorts going as a dozen spectators gather around. Among them and visibly appreciating the sound pictures and energy being created is 54-year-old Michael Pettis, a respected international economist and finance professor. It is his club and he is looking forward to the main act later in the evening. Will emerging markets come back? I don’t often make reference to these kinds of things in my blog, but Saturday’s terrorist attack in the Kunming train station – in which 29 innocent people were hacked to death (the toll was especially high among the elderly who were unable to run away quickly enough from the killers) – fills me with dread and dismay.

Will emerging markets come back?

This kind of brutal massacre is not about sending a message to Beijing or to the world but is rather aimed at getting the authorities to overreact so as to create hatred within the country. I truly hope it does not succeed. There is a great deal of anger here in China but so far, I am glad to say, excluding some over-the-top responses in the internet world the authorities and Chinese people generally seem not to be overreacting.

I wish there were some way that we as individuals could of respond to the Kunming train station massacre but what is among the most awful aspects of this kind of insane event is the feeling of helplessness it creates. Michael Pettis Cautions Abe (And Krugman): "Debt Matters" "Debt matters... even if it is possible to pretend for many years that it doesn't," is the painful truth that, author of "Avoiding The Fall", Michael Pettis offers for the current state of most western economies.

Michael Pettis Cautions Abe (And Krugman): "Debt Matters"

Specifically, Pettis points out that Japan never really wrote down all or even most of its investment misallocation of the 1980s and simply rolled it forward in the form of rising government debt. Posts Tagged ‘Michael Pettis’ by ilene - July 30th, 2010 5:59 pm Should China Dump Dollars for Commodities?

What about the "Nuclear Option" of Dumping Treasuries? Can Global Trade Collapse? Eight Questions: Michael Pettis, ‘The Great Rebalancing’ - China Real Time. Michael Pettis' CHINA FINANCIAL MARKETS. It seems to me that one of the automatic, if not always intended, consequences of Abenomics is to force up Japan’s current account surplus, and in fact to force it up substantially.

Michael Pettis' CHINA FINANCIAL MARKETS

This will have to do at least in part with deciding how to manage the country’s enormous government debt burden, which easily exceeds 200% of the country’s GDP. If I am right, this should create two concerns. First, in a world struggling with insufficient demand and excess capacity, and in which the growth strategies of too many countries implicitly involve a significant increase in exports relative to imports, a major increase in Japan’s current account surplus could easily derail growth recovery elsewhere. The US for example has to worry that policies aimed at increasing domestic demand don’t simply result in rising debt as US demand bleeds out through the current account, while both China and Europe need strong external sectors to make their own difficult domestic adjustments less painful. Économiste américain, chercheur à la Carnegie Endowment for International Peace, Michael Pettis enseigne actuellement la finance dans la prestigieuse Université de Pékin.

LE FIGARO. - Après les tensions sino-américaines de cet hiver, l'heure semble être à la détente. Ce climat est-il durable ? Michael PETTIS. - Non. Le problème est que le monde a toujours besoin de sérieux ajustements entre les États-Unis et les pays d'Europe à fort déficit commercial d'une part, le Japon, l'Allemagne et la Chine d'autre part. Et il y a un conflit inhérent à ces différentes positions. Le risque de guerre commerciale n'est donc pas écarté ? Je serais énormément surpris et encore plus impressionné si toutes les grandes économies étaient capables d'agir avec la responsabilité et la maturité nécessaires pour éviter une guerre commerciale. Pékin affirme que les États-Unis souffriraient plus que la Chine d'une guerre commerciale… La consommation intérieure chinoise est-elle réellement en train de décoller ?

Baidu, the maker of China’s largest search engine, has made a strategic investment in content recommendation startup Taboola.

The companies declined to name the exact amount of the deal, but said that it is in the “multi-millions.” Taboola serves up the links in the “Around The Web” and “Recommended For You” sections you see at the bottom of articles on sites such as The Atlantic, Business Insider, and Mail Online. Baidu’s stake is a follow-on to the $117 million Series E round led by Fidelity Management that Taboola (which competes with Outbrain) announced in February at a reported valuation of almost $1 billion. At that time, chief executive officer Singolda told TechCrunch’s Ingrid Lunden that the company’s top priorities include expanding into more international markets. ‎www.bundesbank.de/Redaktion/DE/Downloads/Presse/Fokusthemen/2012_03_13_prä.

Michael Pettis

Charles Saliba (links) und Michael Pettis (rechts), Mitbegründer von Maybe Mars Records; © Charles Salilba und Michael Pettis Seit einigen Jahren wird China von neuen Indie-Labels überschwemmt, denn das Publikum für Subkulturmusik boomt.

Es gibt nur ein Problem – Überleben. Es ist acht Uhr an einem Dienstagabend – die normale Arbeitszeit in Beijing ist längst vorbei – und Markus Schneider sitzt gebeugt über seinem Laptop und schaut durch seine dicke, klobige Brille angestrengt auf den Bildschirm. Michael Pettis' CHINA FINANCIAL MARKETS. Michael Pettis' CHINA FINANCIAL MARKETS. Is the Strong Dollar Sustainable? ACEMAXX ANALYTICS sur Twitter : "Wage moderation is responsible for Germany's extremely low productivity growth: Michael Pettis. Michael Pettis explains the euro crisis (and a lot of other things, too) Michael Pettis, Fredonia und die Schweiz. Exorbitant Privilege: Rise, Fall and Future of the Dollar.