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  Angry Bear: Though widely criticized as an imbalance, the trade deficit and related capital inflow reflect U.S. growth, not weakness - they link the younger, faster-growing U.S. with aging, slower-growing economies abroad. The trade deficit is the mechanism allowing consumption and investment in the U.S. to grow faster than in Europe and Japan. (via Cosmos)

autoDogmatic: David Malpass just had an editorial in the WSJ explaining why the global, dollar-system-centered monetary imbalances aren't imbalances at all, and why the US system is so gosh-darned super. Predictably, the column was full of poorly-supported arguments of the sort that are generally the exact opposite of the truth. (via Cosmos)

Grasping Reality with Both Hands: Brad DeLong's Semi-Daily Journal: An enormous variety of institutions and investors ought to have taken advantage of this money machine--sold their bonds and put their money in stocks: young parents of newborns looking forward to their children's college, the middle-aged looking at rapidly-escalating health-care costs, the elderly looking forward to bequeathing some of their wealth to their descendents or to worthy causes, workers with defined-contribution pensions, businesses with defined-benefit pensions, life insurance companies, the Social Security Trust Fund, the reserve accounts of the world's central banks, businesses with reputational capital that do not expect to be blindsided by new technologies, hedge funds, and so on. On the other side of the market, there are all the companies that appear underleveraged: replacing high-priced equity capital with low-priced debt capital would seem to have been as profitable a strategy for a long-lived company as investing in high-return equity rather than low-return debt is for a long-lived investor. (via Cosmos)

 [Economy-chat.com] economy chat: international-finance: [A] model developed by Wright (2006) that uses information on the term spread and the funds rate... estimates a 47% probability of recession over the next four quarters....

[Delong.typepad.com] Grasping Reality with Both Hands: Brad DeLong's Semi-Daily Journal ...: Glenn Hubbard's argument is roughly this: Emerging Asia is now big enough that its savings are weighty, but who can its savers entrust their money to? "Underdeveloped financial systems"--a euphemism for "it's not obvious the people you entrust your money to will give it back"--make investments in dollar assets housed in the United States seem very attractive, even with the long-run expectation that the real value of the dollar vis-a-vis other countries will fall.

 [Weneedafence.blogspot.com] We Need A Fence Blog: Colin Hanna's Op-Ed Published in Today's ...: Finally, even if you are for stopping the flow of Mexican immigration, which may have some advantages, building a giant wall may be the dumbest method of preventing this. What does a wall do to get rid of the 20 million illegal immigrants in the country.

[Womensspace.org] Margins Op/Ed: --From the Sheroes 2005 Womyn Warriors Wall Calendar a project of ORSSASM .dreamer practical compassionate ingenious and so on feminist revolutionary, .

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