Archive for July, 2005
Today’s comments by Italian PM Silvio Berlusconi that the Euro has been a “disaster” and a “ripoff” are certainly dangerous and reckless: Berlusconi is playing with politics and fire by using the euro card as a way to attack Prodi and the center-left coalition in anticipation of political elections where the center-left may regain power. Until now only [...]
As you may have already noticed, today I am involved in a Wall Street Journal Econoblog debate with David Altig on the issue of the Chinese currency revaluation. So, I suggest that you go to this free link to read about my views on this currency move. Feel free to add your comments there or [...]
The Financial Times reported on Friday as its lead story that the US expects Chinese currency revaluation:
The Bush administration has told key senators that it expects China to revalue its currency in August ahead of a planned visit to Washington by President Hu Jintao in September, according to people familiar with the matter.
Senators Charles Schumer and Lindsey Graham, co-sponsors of a bill that would impose a 27.5 per cent tariff on Chinese imports, agreed to delay a vote on their bill after receiving what they regarded as an assurance that China will move on its currency next month.
In a June meeting attended by Alan Greenspan, Federal Reserve chairman, John Snow, Treasury secretary, told the senators that he believed China would allow the value of the renminbi to increase against the dollar in August, the people familiar with the discussion said.
Dear readers of my blog, starting some time this coming week my blog will move and will be integrated in my companion project, the Roubini Global Economic (RGE) Monitor (www.rgemonitor.com). This RGE Monitor will also, at the same time, be redesigned in a major way both in terms of look/design and content. You will be automatically redirected to the new location of the blog on the RGE Monitor; at that point you may want to bookmark for your convenience that new location. With this switchtover, I also plan to blog more regularly to provide you on a regular basis with my views and insights on the global economy.