Michael Pettis

2/2 important American economist who was among the first to understand the implications of excess savings on capital flows and monetary conditions. His "The United States in the Orient" (written mostly in the 1890s) is a book I often re-read.

1/2 Very interesting piece by Nic Johnson on the history of the institutional development of the dollar as an international currency. I am especially pleased that he focuses so much on the work of Charles Arthur Conant, a largely-forgotten but very...

1/9 Good article, although we should have been seeing these several years earlier, when it first became clear that an unsustainable increase in SOE and local-government debt was embedded in China's growth model.

Very informative article by @KeithBradsher on vice premier He Lifeng, whose very contradictory experiences range from running Xiamen to running Tianjin.

1/7 Interesting article. It notes that developing countries around the world, "including India, Mexico, Vietnam, Cambodia and the Philippines are competing on subsidies, tax breaks and other perks... [link] via @WSJ

Thanks for the link. It was a very interesting article. Did I ever tell you that when I was baptized (in Zaragoza, Spain) one of my two godfathers was the Bishop of Zaragoza and the other the grandson of Victoriano Huerta? Of course I don't often brag about the latter.

Great article. Everyone wants the same brand of authenticity.

Important article: "The country does so much more to subsidise affluence than it does to alleviate poverty."

Yes. A very good book.

Very good piece by Matt Klein on SVB in which he argues that the main problem was not so much the interest-rate mismatch (half of the deposits didn't even pay interest) as it was the extent of SVB's highly unstable institutional deposits. @M_C_Klein

Good piece by William Pesek on the direction of Chinese economic reforms.

1/2 Good article on the increasingly blurred line between the state and private sectors in China. The important point to recognize, in my opinion, is that this was not the result of a "political" or "ideological" decision so much as it is... [link] via @WSJ