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[Doug Henwood Talks] Re: Slavoj Zizek: The Philanthropic Enemy: When John Maynard Keynes and Harry Dexter White designed the Bretton Woods fixed exchange rate system in the mid-1940s, they were adamant that keeping the lid on cross-border capital flows was the only way for countries to have sufficient freedom to promote full employment and other benign economic policies.

 [The Prudent Investor - Seeing Too Many Bubbles] China Regains A Position Already Held 500 Years... : A longstanding mystery for economic historians lies in how so much silver and gold flowed to China for centuries for the purchase of Chinese goods, yet caused little inflation in China. Many of China's manufactured goods remained much cheaper than other countries' manufactured goods until the early 1800's, despite the rapidly growing supply of silver sloshing around the Chinese economy.

[Econbrowser] Fixing the Current Account Deficit: Last week, Jim was kind enough to let me expound my thoughts on the origins of the current account deficit, and the sustainability of large imbalances as the ones we see today. Along these lines, Charles Engel and I at the University of Wisconsin have started a website that links to academic and policy papers on the debate over these issues -- so if you've already seen enough of myviews, you should take a look at the alternatives represented there, including the well known BW2 view of my former UCSC Economics colleague Mike Dooley.

 [Sun Bin (a mirror for sun-bin.blogspot.com)] How much would the RMB peg drift: The Economist has an interesting discussion on what the RMB rate should be pegged at. Big Mac index shows RMB is 59% undervalued 2.

 [Sun Bin] How much would the RMB peg drift: Many economists argue that because China has a relatively high return on capital, it should be a net importer of capital—ie, it should run a current-account deficit, not a surplus as it does now. A study by Virginie Coudert and Cécile Couharde, published earlier this year by CEPII, a French international economics institute, estimates that, if China is assumed to have a sustainable current-account deficit of 1.5% of GDP, then the yuan is 44% undervalued against the dollar.

 [Rgemonitor.com] Roubini Global Economics (RGE) Monitor: var yimgblogmenu999999=new Image;yimgblogmenu999999.src='/cache/imagecache/33/3376c3448db7683efcdfa37607a43e67.gif';var nimgblogmenu999999=new Image;nimgblogmenu999999.src='/cache/imagecache/10/108ed8afa66762983cd22a8cfe8db9f3.gif';

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