Monthly Archives: December 2010

Triffin Freedom: Global Rebalancing

America runs large trade and current-account deficits to issue the world’s reserve currency–Americans import more then they export, spending beyond their means. Contrary to intuition, paper dollars are not the world’s money–U.S. Treasury bills are, and Treasuries can only circulate … Continue reading

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The Conflict Between Free Trade And Capital Mobility

Over the past four decades, nations across the world have experimented with freer and freer global trade.  They floated their currencies, removed capital controls, and created the World Trade Organization. The results have often been far from pretty, unfortunately.   Dozens … Continue reading

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