Russia Archive

Comments on Stanlely Fisher’s ‘Lessons from Crises, 1985-2014’

Lessons from Crises, 1985-2014 Stanley Fischer[1] It is both an honor and a pleasure to receive this years SIEPR Prize. Let me list the reasons. First, the prize, awarded for lifetime contributions to economic policy, was started by George Shultz. I got my start in serious policy work in 1984-85, as a ...Read More

Emerging market currencies

Seems no one is pointing out how this is all looking a lot like ‘catch up’ vs last year’s yen move? As previously discussed, the proactive yen move from under 80 to over 100 vs the dollar- a 30% or so pay cut for domestic workers in terms of prices of imports- ...Read More

Emerging Nations Save $2.9 Trillion Reserves in Rout

Smart not to intervene and use reserves. And even the 19% isn’t as much as Japan’s recent approx. 25% drop, so they all remain stronger vs the yen. So the US now loses ‘competitiveness’ vs a whole mob of exporters cutting ‘real’ wages vs US, Canada, UK, and the Eurozone etc. As ...Read More

EU Said to Draft Gazprom Complaint as Putin Prepares G-20 Talks

And if you recall from a write up a few years back Russia promised not to take advantage like this. Who would’ve thought? In any case it’s bad real terms of trade for euro zone gas buyers, but helps exports of whatever Russia buys with the inflated euro revenues, with export prices ...Read More

Randy Wray’s response to NYT article

Warren Mosler & MMT: Deficit Lovers? By L. Randall Wray July 5 — Here’s a piece from yesterday’s NYTimes by Annie Lowrey: Warren Mosler, a Deficit Lover With a Following. While this is a mostly good piece on Warren, Lowrey gets enough of it wrong to call into question her ability as ...Read More

Warren Mosler, a Deficit Lover With a Following – NYTimes.com

You got the Russian trade dead wrong. Please file a correction. I turned the firm over to my partners at the end of 1997, long before the Russian default, after a disagreement on how that fund was managed. With a fixed exchange rate there was a very real risk of default. As ...Read More

Fitch: Why Sovereigns Default on Local Currency Debt

Seems like subversive propoganda to me. They deliberately ignore the obvious fixed vs floating fx distinction, for example. A few comments below: Fitch: Why Sovereigns Default on Local Currency Debt May 10 (Fitch) — Fitch Ratings says in a newly-published report that the popular perception that sovereigns cannot default on debt denominated ...Read More

The Stockman’s big swinging whip

The Man from Snowy River By Banjo Paterson So Clancy rode to wheel them — he was racing on the wing Where the best and boldest riders take their place, And he raced his stock-horse past them, and he made the ranges ring With the stockwhip, as he met them face to ...Read More

Cyprus Funding Need and Sources

In line with prior info. Also, Europe is entirely dependent on Russia for a large chunk of its gas and some oil as well. They made Russia promise and cross their hearts never to cut it off, but they could jack up the price to cover Cyprus… ...Read More

Oil Settles Higher After Saudi Arabia Cuts Output

As the article states, production fell because demand fell. If anything that would be oil unfriendly as the Saudis can only cut maybe another 5 million bpd without ‘permanent’ cutbacks, at which point they lose control of price on the downside. Market price action, however, might be telling us the cutbacks were ...Read More