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indicators"},{"term":"migration"},{"term":"regulation"},{"term":"retail sales"},{"term":"stock market"},{"term":"technology"},{"term":"trade deficit"},{"term":"valuation"}],"title":{"type":"text","$t":"Economist Online"},"subtitle":{"type":"html","$t":"Thoughts and discussions in economics, finance and history, with focus on China's interactions with the global economy."},"link":[{"rel":"http://schemas.google.com/g/2005#feed","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/posts\/default"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default?alt=json-in-script"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/"},{"rel":"hub","href":"http://pubsubhubbub.appspot.com/"},{"rel":"next","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default?alt=json-in-script\u0026start-index=26\u0026max-results=25"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"generator":{"version":"7.00","uri":"http://www.blogger.com","$t":"Blogger"},"openSearch$totalResults":{"$t":"1091"},"openSearch$startIndex":{"$t":"1"},"openSearch$itemsPerPage":{"$t":"25"},"entry":[{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-3084641215803402422"},"published":{"$t":"2010-03-15T17:29:00.003-04:00"},"updated":{"$t":"2018-02-01T01:01:31.113-05:00"},"title":{"type":"text","$t":"My blog has moved...please update"},"content":{"type":"html","$t":"I moved my blog to a self-hosted platform. \u003Cbr \/\u003E\n\u003Cbr \/\u003E\nThe new link is \u003Ca href=\"http:\/\/economistonline.mogaocap.com\/\" target=\"_blank\"\u003Ehere\u003C\/a\u003E\u003Cbr \/\u003E\n\u003Cbr \/\u003E\nYou may also update your subscription by clicking on one of the following buttons:\u003Cbr \/\u003E\n\u003Cbr \/\u003E\nSUBSCRIBE: \u003Cbr \/\u003E\n\u003Cbr \/\u003E\nRSS \u003Ca href=\"http:\/\/feeds2.feedburner.com\/EconomistOnline\" rel=\"alternate\" title=\"subscribe RSS feed\"\u003E\u003Cimg alt=\"\" src=\"http:\/\/www.pauldeng.com\/images\/iconFeed_24x24.png\" style=\"border: 0pt none;\" \/\u003E\u003C\/a\u003E\u003Cbr \/\u003E\n\u003Cbr \/\u003E\nTwitter: \u003Ca href=\"http:\/\/twitter.com\/econonline\" rel=\"alternate\" title=\"Follow this blog on Twitter\"\u003E\u003Cimg alt=\"\" src=\"http:\/\/www.pauldeng.com\/images\/iconTwitter_24x24.png\" style=\"border: 0pt none;\" \/\u003E\u003C\/a\u003E  \u003Cbr \/\u003E\n\u003Cbr \/\u003E\nEmail: \u003Ca href=\"http:\/\/feedburner.google.com\/fb\/a\/mailverify?uri=EconomistOnline\" rel=\"alternate\" title=\"subscribe this blog via email\"\u003E\u003Cimg alt=\"\" src=\"http:\/\/www.pauldeng.com\/images\/email1.jpg\" style=\"border: 0pt none;\" \/\u003E\u003C\/a\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/3084641215803402422\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=3084641215803402422","title":"1 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/3084641215803402422"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/3084641215803402422"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/03\/my-blog-has-movedplease-update.html","title":"My blog has moved...please update"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"1"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-1403470983991686286"},"published":{"$t":"2010-03-11T12:56:00.002-05:00"},"updated":{"$t":"2010-03-11T12:57:39.081-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"forecasting"},{"scheme":"http://www.blogger.com/atom/ns#","term":"Recession"}],"title":{"type":"text","$t":"A debate on where the US economy is headed"},"content":{"type":"html","$t":"I am leaning toward Rosenberg's view on this. \u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cembed src=\"http:\/\/eplayer.clipsyndicate.com\/cs_api\/get_swf\/3\/\u0026amp;pl_id=1778\u0026amp;page_count=5\u0026amp;windows=1\u0026amp;va_id=1346512\u0026amp;show_title=0\u0026amp;auto_start=0\u0026amp;auto_next=1\" type=\"application\/x-shockwave-flash\" allowscriptaccess=\"always\" allowfullscreen=\"true\" width=\"400\" height=\"315\" \/\u003E\u003C\/embed\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/1403470983991686286\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=1403470983991686286","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/1403470983991686286"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/1403470983991686286"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/03\/debate-on-where-us-economy-is-headed.html","title":"A debate on where the US economy is headed"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-1442247475026386288"},"published":{"$t":"2010-03-10T07:25:00.003-05:00"},"updated":{"$t":"2010-03-10T07:31:47.174-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"bubble"},{"scheme":"http://www.blogger.com/atom/ns#","term":"capitalism"}],"title":{"type":"text","$t":"Goldman and bubbles"},"content":{"type":"html","$t":"\u003Cobject width=\"400\" height=\"315\"\u003E\u003Cparam name=\"movie\" value=\"http:\/\/www.youtube.com\/v\/7SFywA_LQuU\u0026hl=en_US\u0026fs=1\u0026\"\u003E\u003C\/param\u003E\u003Cparam name=\"allowFullScreen\" value=\"true\"\u003E\u003C\/param\u003E\u003Cparam name=\"allowscriptaccess\" value=\"always\"\u003E\u003C\/param\u003E\u003Cembed src=\"http:\/\/www.youtube.com\/v\/7SFywA_LQuU\u0026hl=en_US\u0026fs=1\u0026\" type=\"application\/x-shockwave-flash\" allowscriptaccess=\"always\" allowfullscreen=\"true\" width=\"400\" height=\"315\"\u003E\u003C\/embed\u003E\u003C\/object\u003E\u003Cbr \/\u003E\u003Cbr \/\u003EBlaming Goldman Sachs for every bubble sounds silly. But is regulation the solution?  Maybe, or maybe not --- Bubbles also happens in tightly regulated market, say, in China.  \u003Cbr \/\u003E\u003Cbr \/\u003EMaybe what we need is smart regulation. Or, bubble is just an integral part of capitalism --- As long as there are animal spirits and human greed, bubble can never be rid of."},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/1442247475026386288\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=1442247475026386288","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/1442247475026386288"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/1442247475026386288"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/03\/goldman-and-bubbles.html","title":"Goldman and bubbles"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-4860825051060648806"},"published":{"$t":"2010-03-10T03:26:00.002-05:00"},"updated":{"$t":"2010-03-10T03:28:55.213-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"asset bubble"},{"scheme":"http://www.blogger.com/atom/ns#","term":"crash"}],"title":{"type":"text","$t":"Ten years after dot.com bubble"},"content":{"type":"html","$t":"Comparing market performance after big crashes...\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Ca onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"http:\/\/www.ft.com\/cms\/bfba2c48-5588-11dc-b971-0000779fd2ac.html?_i_referralObject=15168287\u0026amp;fromSearch=n\"\u003E\u003Cimg style=\"cursor: pointer; width: 400px; height: 323px;\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEhGxoskZzP9GQfJxU7A9pWxRHBAmhjGy2sTDX6_CTIdESO5Xik7Oe1RF4p2TG1Y6RE4BwL8gvjOcdbxJv7RACjrjd4AjC5UFxQ9w_dgn4nSk42YlxnNdu-GGdTLOzFS6a0qD0ygOw\/s400\/afterbigcrash.jpg\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5446918954046519154\" border=\"0\" \/\u003E\u003C\/a\u003E\u003Cbr \/\u003E(click to play video; source: FT)\u003Cbr \/\u003E\u003Cbr \/\u003EThe pattern is the market usually go on sideways for a VERY LONG TIME after big crash.  This offers a sober lesson for those who got too excited in predicting a robust recovery."},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/4860825051060648806\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=4860825051060648806","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/4860825051060648806"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/4860825051060648806"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/03\/ten-years-after-dotcom-bubble.html","title":"Ten years after dot.com bubble"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"media$thumbnail":{"xmlns$media":"http://search.yahoo.com/mrss/","url":"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEhGxoskZzP9GQfJxU7A9pWxRHBAmhjGy2sTDX6_CTIdESO5Xik7Oe1RF4p2TG1Y6RE4BwL8gvjOcdbxJv7RACjrjd4AjC5UFxQ9w_dgn4nSk42YlxnNdu-GGdTLOzFS6a0qD0ygOw\/s72-c\/afterbigcrash.jpg","height":"72","width":"72"},"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-1117191870016071491"},"published":{"$t":"2010-03-09T14:05:00.004-05:00"},"updated":{"$t":"2010-03-09T14:11:34.408-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"forecasting"},{"scheme":"http://www.blogger.com/atom/ns#","term":"Recession"}],"title":{"type":"text","$t":"New financial indicator predicts downturn ahead"},"content":{"type":"html","$t":"A new financial indicator predicts economy is likely to suffer downturn ahead.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Ca onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEhMoyehMY_9Dfzgg9FayINLkL2FjweVl04YJZ4relivl02BAJje2QH67y0Qfwi6I6yYTq8IJlKQaaibPE2p6XyFixJ5DKdpKmxlN2pgtOr4uK2t9UYsQdFgOu9vixo_8khFeYnIVw\/s1600-h\/HHMSW1.gif\"\u003E\u003Cimg style=\"cursor: pointer; width: 400px; height: 276px;\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEhMoyehMY_9Dfzgg9FayINLkL2FjweVl04YJZ4relivl02BAJje2QH67y0Qfwi6I6yYTq8IJlKQaaibPE2p6XyFixJ5DKdpKmxlN2pgtOr4uK2t9UYsQdFgOu9vixo_8khFeYnIVw\/s400\/HHMSW1.gif\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5446712960756238914\" border=\"0\" \/\u003E\u003C\/a\u003E\u003Cbr \/\u003E\u003Cbr \/\u003EThis is from Jim Hamilton's Econbrowser blog.  More details about this new indicator.\u003Cbr \/\u003E\u003Cp\u003EMost recently, researchers have tried to gauge the degree of financial stress using indicators such as the LIBOR-OIS spread (\u003Ca href=\"http:\/\/www.newyorkfed.org\/research\/staff_reports\/sr335.pdf\"\u003E[1]\u003C\/a\u003E, \u003Ca href=\"http:\/\/www.stanford.edu\/%7Ejohntayl\/FCPR.pdf\"\u003E[2]\u003C\/a\u003E) or deviations of yields from predictions of interest rate models (e.g., the recent paper by \u003Ca href=\"http:\/\/www.frbsf.org\/publications\/economics\/papers\/2009\/wp09-13bk.pdf\"\u003EChristensen, Lopez, and Rudebusch\u003C\/a\u003E).  There are also a number of composite indexes that various private-sector analysts rely on, such as the \u003Ca href=\"http:\/\/www.trilogyadvisors.com\/worldreport\/200910.Lehman.pdf\"\u003EBloomberg financial conditions index\u003C\/a\u003E.\u003C\/p\u003E  Two private-sector analysts (Jan Hatzius of Goldman Sachs and Peter Hooper of Deutsche Bank) have recently teamed up with three academics (Rick Mishkin of Columbia, Kermit Schoenholtz of NYU, and Mark Watson of Princeton) to produce a \u003Ca href=\"http:\/\/research.chicagobooth.edu\/igm\/events\/docs\/2010usmpfreport.pdf\"\u003Enew financial conditions index\u003C\/a\u003E that attempts to combine the information of 44 separate series including those mentioned above along with a great number of others. One of the differences between their approach and previous work is that HHMSW seek to isolate the separate information of the financial indicators from aggregate business cycle movements by looking at the residuals from a regression of each indicator on lags of inflation and real GDP growth rates."},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/1117191870016071491\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=1117191870016071491","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/1117191870016071491"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/1117191870016071491"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/03\/new-financial-indicator-predicts.html","title":"New financial indicator predicts downturn ahead"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"media$thumbnail":{"xmlns$media":"http://search.yahoo.com/mrss/","url":"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEhMoyehMY_9Dfzgg9FayINLkL2FjweVl04YJZ4relivl02BAJje2QH67y0Qfwi6I6yYTq8IJlKQaaibPE2p6XyFixJ5DKdpKmxlN2pgtOr4uK2t9UYsQdFgOu9vixo_8khFeYnIVw\/s72-c\/HHMSW1.gif","height":"72","width":"72"},"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-6745955301234797440"},"published":{"$t":"2010-03-08T06:37:00.003-05:00"},"updated":{"$t":"2010-03-08T06:41:07.034-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"asset bubble"},{"scheme":"http://www.blogger.com/atom/ns#","term":"Recession"},{"scheme":"http://www.blogger.com/atom/ns#","term":"recovery"}],"title":{"type":"text","$t":"Shiller: Double-dip is less likely"},"content":{"type":"html","$t":"The more plausible scenario is very slow growth.  Bob Shiller also has some interesting comments on confidence and bubbles, how they reinforce each other.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cobject width=\"400\" height=\"315\"\u003E\u003Cembed height=\"315\" width=\"400\" allowscriptaccess=\"always\" src=\"http:\/\/cosmos.bcst.yahoo.com\/up\/fop\/embedflv\/swf\/fop_wrapper.swf?id=18457097\u0026autoStart=0\u0026prepanelEnable=1\u0026infopanelEnable=1\u0026carouselEnable=0\" type=\"application\/x-shockwave-flash\"\u003E\u003C\/embed\u003E\u003C\/object\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/6745955301234797440\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=6745955301234797440","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/6745955301234797440"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/6745955301234797440"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/03\/shiller-double-dip-is-less-likely.html","title":"Shiller: Double-dip is less likely"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-4606728767439213243"},"published":{"$t":"2010-03-06T05:15:00.001-05:00"},"updated":{"$t":"2010-03-06T05:16:43.601-05:00"},"title":{"type":"text","$t":"Musing on world economy with Joe Stiglitz"},"content":{"type":"html","$t":"Joseph Stiglitz interview with Charlie Rose.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Ca onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"http:\/\/www.charlierose.com\/view\/interview\/10885\"\u003E\u003Cimg style=\"cursor: pointer; width: 400px; height: 300px;\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgjFTPQbSfIxmZVoWleZwKrrF3MdzMACW935YFxI9p5xKR7Uqvp7mpLnZvXn-MTZJUwcLlCl9quF8gNu9eWFTvewVBjt0eXx5kvJIy5voA23-icxKXaS0bMWk4l_WrJi23VMLrLSg\/s400\/stiglitzcharlierose.jpg\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5445462668827670738\" border=\"0\" \/\u003E\u003C\/a\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/4606728767439213243\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=4606728767439213243","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/4606728767439213243"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/4606728767439213243"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/03\/musing-on-world-economy-with-joe.html","title":"Musing on world economy with Joe Stiglitz"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"media$thumbnail":{"xmlns$media":"http://search.yahoo.com/mrss/","url":"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgjFTPQbSfIxmZVoWleZwKrrF3MdzMACW935YFxI9p5xKR7Uqvp7mpLnZvXn-MTZJUwcLlCl9quF8gNu9eWFTvewVBjt0eXx5kvJIy5voA23-icxKXaS0bMWk4l_WrJi23VMLrLSg\/s72-c\/stiglitzcharlierose.jpg","height":"72","width":"72"},"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-7610049821740163232"},"published":{"$t":"2010-03-06T04:15:00.004-05:00"},"updated":{"$t":"2010-03-06T04:27:12.132-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"debt crisis"}],"title":{"type":"text","$t":"The Inevitable Endgame"},"content":{"type":"html","$t":"Interview of Chris Wood, top ranked Asian Equities Strategist. He talks about the outlook for China, Europe and the US.  \u003Cbr \/\u003E\u003Cbr \/\u003EHe predicts the inevitable endgame will be a systemic government debt crisis in the Western world.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cembed name=\"cnbcplayer\" PLUGINSPAGE=\"http:\/\/www.macromedia.com\/go\/getflashplayer\" allowfullscreen=\"true\" allowscriptaccess=\"always\" bgcolor=\"#000000\" height=\"380\" width=\"400\" quality=\"best\" wmode=\"transparent\" scale=\"noscale\" salign=\"lt\" src=\"http:\/\/plus.cnbc.com\/rssvideosearch\/action\/player\/id\/1428324968\/code\/cnbcplayershare\" type=\"application\/x-shockwave-flash\" \/\u003E\u003Cbr \/\u003E\u003C\/embed\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/7610049821740163232\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=7610049821740163232","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/7610049821740163232"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/7610049821740163232"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/03\/still-overweight-asia.html","title":"The Inevitable Endgame"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-460075703097073182"},"published":{"$t":"2010-02-19T17:12:00.003-05:00"},"updated":{"$t":"2010-02-19T17:15:38.943-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"Recession"},{"scheme":"http://www.blogger.com/atom/ns#","term":"US"}],"title":{"type":"text","$t":"Leading indicator shows chance of 'double dip'"},"content":{"type":"html","$t":"Following \u003Ca href=\"http:\/\/api.postrank.com\/log?url=http%3A%2F%2Feconomistonline.blogspot.com%2F2010%2F01%2Fearly-signs-of-double-dip.html\"\u003Ethe sign of double-dip in housing market\u003C\/a\u003E, the Leading Economic Indicator (or LEI) shows double-dip scenario is close to reality.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Ca onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgbPEBrf6UILe1aVgX5py5zR7ZbOikMSxCDrnZEOiPpOS8bHpvBVu6Xas7wA6OgvT4aPjhdczYYB0CQTw5ZVfiXZOM7YKqaoG-lLg2xJMPeemL9flBQqZHTxO8Ta2lnNJ5FxIZFSA\/s1600-h\/ECRI-LEIs.png\"\u003E\u003Cimg style=\"cursor: pointer; width: 400px; height: 198px;\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgbPEBrf6UILe1aVgX5py5zR7ZbOikMSxCDrnZEOiPpOS8bHpvBVu6Xas7wA6OgvT4aPjhdczYYB0CQTw5ZVfiXZOM7YKqaoG-lLg2xJMPeemL9flBQqZHTxO8Ta2lnNJ5FxIZFSA\/s400\/ECRI-LEIs.png\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5440081571810666370\" border=\"0\" \/\u003E\u003C\/a\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cspan style=\"font-size:85%;\"\u003E(click to enlarge; graph courtesy of SocGen)\u003C\/span\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/460075703097073182\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=460075703097073182","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/460075703097073182"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/460075703097073182"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/leading-indicator-shows-chance-of.html","title":"Leading indicator shows chance of 'double dip'"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"media$thumbnail":{"xmlns$media":"http://search.yahoo.com/mrss/","url":"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEgbPEBrf6UILe1aVgX5py5zR7ZbOikMSxCDrnZEOiPpOS8bHpvBVu6Xas7wA6OgvT4aPjhdczYYB0CQTw5ZVfiXZOM7YKqaoG-lLg2xJMPeemL9flBQqZHTxO8Ta2lnNJ5FxIZFSA\/s72-c\/ECRI-LEIs.png","height":"72","width":"72"},"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-6834856912430125180"},"published":{"$t":"2010-02-19T15:47:00.001-05:00"},"updated":{"$t":"2010-02-19T15:47:59.475-05:00"},"title":{"type":"text","$t":"Poor countries pay for undervalued Yuan"},"content":{"type":"html","$t":"\u003Cfont size=\"2\"\u003E\u003Cspan style=\"color: rgb(0, 0, 0);\"\u003E\u003Cspan\u003EArvind Subramanian of Peterson Institute argues that weak Yuan acts as export subsidy and import tariff, the US gets to enjoy cheaper imports at Chinese expense, but the ultimate victim of China\u0026#39;s currency policy is poorer developing countries. \u003Cbr\u003E  \u003Cbr\u003E\u003C\/span\u003E\u003C\/span\u003E\u003Cspan style=\"color: rgb(29, 67, 101);\"\u003E\u003Cspan\u003E\u003C\/span\u003E\u003C\/span\u003E\u003C\/font\u003E\u003Cdiv style=\"margin-left: 40px;\"\u003E\u003Cb\u003E\u003Cfont size=\"2\"\u003E\u003Cspan style=\"color: rgb(29, 67, 101);\"\u003E\u003Cspan\u003E\u003Cbr\u003EIt  Is the Poor Who Pay for the Weak Renminbi\u003C\/span\u003E\u003C\/span\u003E\u003C\/font\u003E\u003C\/b\u003E\u003C\/div\u003E   \t \t  \t \t\u003Cp style=\"margin-left: 40px;\"\u003E \tby Arvind Subramanian, Peterson Institute for International Economics\u003Cbr\u003E \t \t\u003C\/p\u003E\u003Cdiv style=\"margin-left: 40px;\"\u003E\u003Cbr\u003E\u003C\/div\u003E \t \t\u003Cp style=\"margin-left: 40px;\"\u003E \t\u003C\/p\u003E\u003Cp style=\"margin-left: 40px;\"\u003EChina\u0026#39;s exchange rate policy has largely been viewed through the prism of global imbalances. That has had three unfortunate consequences. It has allowed China to deflect attention away from its policy. It has obscured the real victims of this policy. And it has made political resolution of this policy more difficult.\u003C\/p\u003E \u003Cp style=\"margin-left: 40px;\"\u003ENo sooner is China\u0026#39;s exchange rate policy criticized for creating global imbalances, and hence contributing to the recent global financial crisis, than the door is opened for China to muddy the intellectual waters. Why single us out, the Chinese say? Why not the other surplus-running countries such as Japan or Germany or the oil exporters? And, in any case, countries on the other side of the imbalance—namely, the large current account deficit-running countries—should carry the greatest responsibility for pursuing irresponsible macroeconomic and regulatory policies that led to \u0026quot;excessive consumption.\u0026quot; This debate cannot be settled. But inconclusiveness is just what China needs—and creates—to escape scrutiny of its policies.\u003C\/p\u003E \u003Cp style=\"margin-left: 40px;\"\u003EThe second consequence of the global imbalance perspective is that it has created an opposition between current account deficit and current account surplus countries, which has become a slanging match between the United States and China. But an undervalued exchange rate is above all a protectionist trade policy, because it is the combination of an import tariff and an export subsidy. It follows therefore that the real victims of this policy are other emerging market and developing countries—because they compete more closely with China than the United States and Europe, whose source of comparative advantage is very different from China\u0026#39;s. In fact, developing countries face two distinct costs from China\u0026#39;s exchange rate policy.\u003C\/p\u003E \u003Cp style=\"margin-left: 40px;\"\u003EIn the short run, with capital pouring into emerging market countries, their ability to respond to the threat of asset bubbles and overheating is undermined. Emerging market countries such as Brazil, India, and South Korea are loath to allow their currencies to appreciate—to dampen overheating—when that of a major trade rival is pegged to the dollar.\u003C\/p\u003E \u003Cp style=\"margin-left: 40px;\"\u003EBut the more serious and long-term cost is the loss in trade and growth in poorer parts of the world. Dani Rodrik of Harvard University estimates that China\u0026#39;s undervaluation has boosted its long-run growth rate by more than 2 percent by allowing greater output of tradable goods, a sector that was the engine of growth and an escape route from underdevelopment for postwar successes such as Japan, South Korea, and Taiwan.\u003C\/p\u003E \u003Cp style=\"margin-left: 40px;\"\u003EHigher tradable goods production in China results in lower traded goods production elsewhere in the developing world, entailing a growth cost for these countries. Of course, some of these costs may have been alleviated by China\u0026#39;s rapid growth and the attendant demand for other countries\u0026#39; goods. But China\u0026#39;s large current account surpluses suggest that the alleviation is only partial.\u003C\/p\u003E \u003Cp style=\"margin-left: 40px;\"\u003EThese emerging market victims of China\u0026#39;s exchange rate policy have remained silent because China is simply too big and powerful for them to take on. And this despite the fact that disaffected constituencies now encompass not just companies but also central bankers, who have found macroeconomic management constrained by renminbi policy.\u003C\/p\u003E \u003Cp style=\"margin-left: 40px;\"\u003EHence the third consequence. By default, it has fallen to the United States to carry the burden of seeking to change renminbi policy. But it cannot succeed because China will not be seen as giving in to pressure from its only rival for superpower status. Only a wider coalition, comprising all countries affected by China\u0026#39;s undervalued exchange rate, stands any chance of impressing upon China the consequences of its policy and reminding it of its international responsibilities as a large, systemically important trader.\u003C\/p\u003E \u003Cp style=\"margin-left: 40px;\"\u003EIt is time to move beyond the global imbalance perspective and see China\u0026#39;s exchange rate policy for what it is: mercantilist trade policy, whose costs are borne more by countries competing with China—namely other developing and emerging market countries—than by rich countries. The circle of countries taking a stand against China must be widened beyond the United States to ramp up the pressure on it to repudiate its beggar-thy-neighborism. But progress also requires that the silent victims speak up. Emerging market and developing countries must do a \u0026quot;Google\u0026quot; on China.\u003C\/p\u003E "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/6834856912430125180\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=6834856912430125180","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/6834856912430125180"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/6834856912430125180"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/poor-countries-pay-for-undervalued-yuan.html","title":"Poor countries pay for undervalued Yuan"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-4928868901050665196"},"published":{"$t":"2010-02-17T15:56:00.001-05:00"},"updated":{"$t":"2010-02-17T15:56:26.883-05:00"},"title":{"type":"text","$t":"Musing on China's real estate bubble"},"content":{"type":"html","$t":"More than 60 percent of investors surveyed by Bloomberg on Jan. 19 said they viewed China as a bubble, and three in 10 said it posed the greatest downside risk.  \u003Ca href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601109\u0026amp;sid=a6i2PSZD.Jr4\u0026amp;pos=11%20\"\u003ERead full report here\u003C\/a\u003E. \u003Cbr\u003E\u003Cbr\u003EEvery recession is different, so is every bubble. Here are some thoughts I wanted to share:\u003Cbr\u003E  \u003Cbr\u003E1. China\u0026#39;s real estate bubble will burst; government stimulus only delays the day of reckoning, but won\u0026#39;t be able to prevent it;\u003Cbr\u003E\u003Cbr\u003E2. The impact will not be great enough to slow down China\u0026#39;s long term economic growth. This is because,\u003Cbr\u003E      a) China has high savings rate, and the household balance sheets are not highly leveraged;\u003Cbr\u003E    b) China is a developing country --- it grows at a much faster pace than developed economies;\u003Cbr\u003E    c) China\u0026#39;s huge population and its demand for urban housing will mitigate the impact.\u003Cbr\u003E  \u003Cbr\u003E3. Similar to Japan, China\u0026#39;s real estate bubble was fueled by currency appreciation expectation.  In China\u0026#39;s case, the fixed exchange rate system coupled with the fastest economic growth in the world simply invite currency speculation and attract short-term capital inflows.  A big chunk of these short-term money found its way into real estate market, although China has tight capital control.  \u003Cbr\u003E   "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/4928868901050665196\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=4928868901050665196","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/4928868901050665196"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/4928868901050665196"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/musing-on-chinas-real-estate-bubble.html","title":"Musing on China's real estate bubble"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-7823405971733207935"},"published":{"$t":"2010-02-16T14:06:00.003-05:00"},"updated":{"$t":"2010-02-16T14:14:47.320-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"Investing"},{"scheme":"http://www.blogger.com/atom/ns#","term":"Market trend"},{"scheme":"http://www.blogger.com/atom/ns#","term":"United States"}],"title":{"type":"text","$t":"Market has changed direction"},"content":{"type":"html","$t":"David Rosenberg looks at the market direction from its 120-day change. \u003Cbr \/\u003E\u003Cbr \/\u003EIt clearly shows the market peaked in last August, then went sideway until last December; from last December, the market has been trending down.\u003Cbr \/\u003E\u003Cbr \/\u003EThis bear market rally was so long that surprised every professional investor. Now it's the time to reckon.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Ca onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiCkVvgMQwQITjyMNVpYqbjNZMBI3z4spnm1Z8USV9uwSVL_qjD5WEBWLFOfsUiVl-m4mTezBckGGjfHhvs9T1btQjmdW-tRcL2w2x-SeVrWMr8MiaA2BgsnDhSL7iCY-VxOhE8Uw\/s1600-h\/marketdirection.jpg\"\u003E\u003Cimg style=\"cursor: pointer; width: 400px; height: 283px;\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiCkVvgMQwQITjyMNVpYqbjNZMBI3z4spnm1Z8USV9uwSVL_qjD5WEBWLFOfsUiVl-m4mTezBckGGjfHhvs9T1btQjmdW-tRcL2w2x-SeVrWMr8MiaA2BgsnDhSL7iCY-VxOhE8Uw\/s400\/marketdirection.jpg\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5438920200619081218\" border=\"0\" \/\u003E\u003C\/a\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E(click to enlarge)\u003Cbr \/\u003E \u003Cdiv style=\"margin-top: 10px; height: 15px;\" class=\"zemanta-pixie\"\u003E\u003Ca class=\"zemanta-pixie-a\" href=\"http:\/\/reblog.zemanta.com\/zemified\/f7729085-de33-4e20-9606-717823dbb037\/\" title=\"Reblog this post [with Zemanta]\"\u003E\u003Cimg style=\"border: medium none ; float: right;\" class=\"zemanta-pixie-img\" src=\"http:\/\/img.zemanta.com\/reblog_e.png?x-id=f7729085-de33-4e20-9606-717823dbb037\" alt=\"Reblog this post [with Zemanta]\" \/\u003E\u003C\/a\u003E\u003Cspan class=\"zem-script more-related pretty-attribution\"\u003E\u003Cscript type=\"text\/javascript\" src=\"http:\/\/static.zemanta.com\/readside\/loader.js\" defer=\"defer\"\u003E\u003C\/script\u003E\u003C\/span\u003E\u003C\/div\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/7823405971733207935\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=7823405971733207935","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/7823405971733207935"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/7823405971733207935"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/market-has-changed-direction.html","title":"Market has changed direction"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"media$thumbnail":{"xmlns$media":"http://search.yahoo.com/mrss/","url":"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiCkVvgMQwQITjyMNVpYqbjNZMBI3z4spnm1Z8USV9uwSVL_qjD5WEBWLFOfsUiVl-m4mTezBckGGjfHhvs9T1btQjmdW-tRcL2w2x-SeVrWMr8MiaA2BgsnDhSL7iCY-VxOhE8Uw\/s72-c\/marketdirection.jpg","height":"72","width":"72"},"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-9032650787578342758"},"published":{"$t":"2010-02-16T13:49:00.000-05:00"},"updated":{"$t":"2010-02-16T13:50:06.830-05:00"},"title":{"type":"text","$t":"Europe's shakiest to safest"},"content":{"type":"html","$t":"Following my previous post on \u003Ca href=\"http:\/\/economistonline.blogspot.com\/2010\/02\/ring-of-fire.html\"\u003ERing of Fire\u003C\/a\u003E, here is a chart from \u003Ca href=\"http:\/\/www.economist.com\/businessfinance\/displaystory.cfm?story_id=15498265\"\u003EEconomist Magazine\u003C\/a\u003E that gives you an idea of which countries stand as the riskiest in Europe,  if debt crisis were to hit. \u003Cbr\u003E  \u003Cbr\u003E\u003Cdiv class=\"content-image-full\" style=\"width: 412px;\"\u003E\u003Cimg src=\"http:\/\/media.economist.com\/images\/20100213\/201007FNC877.gif\" alt=\" \" title=\"\" height=\"602\" width=\"412\"\u003E\u003C\/div\u003E "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/9032650787578342758\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=9032650787578342758","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/9032650787578342758"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/9032650787578342758"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/europes-shakiest-to-safest.html","title":"Europe's shakiest to safest"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-5336015054560779665"},"published":{"$t":"2010-02-16T01:12:00.001-05:00"},"updated":{"$t":"2010-02-16T01:12:50.788-05:00"},"title":{"type":"text","$t":"Why did Europe blink?"},"content":{"type":"html","$t":"WSJ\u0026#39;s analysis on Greece bailout:\u003Cbr\u003E\u003Cbr\u003E\u003Cdiv style=\"margin-left: 40px;\"\u003EWhy did Europe blink?\u003C\/div\u003E \u003Cp style=\"margin-left: 40px;\"\u003EThe decision by European leaders to offer Greece support, albeit unspecified, likely owed more to fears for the weakened European banking system and its ability to supply credit to a fragile recovery than fraternal concern for a struggling neighbor.\u003C\/p\u003E \u003Cdiv style=\"margin-left: 40px;\" class=\"insetContent insetCol3wide embedType-image imageFormat-D\"\u003E\u003Cdiv class=\"insetTree\"\u003E     \u003Cdiv id=\"articleThumbnail_1\" class=\"insettipUnit insetZoomTarget\"\u003E     \u003Cp\u003EShares in euro-zone banks slumped as the sovereign-debt crisis unfolded, with Greek banks tumbling more than 50%. Aside from the political imperative for leaders to make a statement, the fear of contagion to the wider euro-zone economy was real.\u003C\/p\u003E  \u003Cp\u003EFalling government-bond prices themselves aren\u0026#39;t the biggest problem. Most European banks hold government bonds as available for sale assets, which means mark-to-market losses are recognized through the profit-and-loss account only when they become impaired. And although mark-to-market losses are recorded on the balance sheet as a reserve, it doesn\u0026#39;t count under current Basel rules as a deduction against regulatory capital. If governments continue to pay their coupons and the bonds remain eligible for central-bank facilities, then bank capital or liquidity positions should be unaffected.\u003C\/p\u003E  \u003Cp\u003EBut there are several channels through which contagion can operate. Rising government-bond yields could push up yields on other assets, triggering mark-to-market losses on trading books. They also could lead to higher bank-funding costs, because bank credit-default swaps tend to track sovereign swaps. At the same time, fiscal tightening could tip economies back into recession, leading to higher bad-debt charges. If gross domestic product fell 1%, loan volumes fell 2%, nonperforming loans increased 5% and bond spreads widened, Credit Suisse estimates the European bank sector\u0026#39;s 2010 earnings and return on equity would be nearly halved.\u003C\/p\u003E  \u003Cp\u003EBut European leaders likely also had their eye on an even bigger tail risk: That sovereign-debt fears could lead to a collapse in lending to vulnerable countries. The exposure of French banks to Portugal, Ireland, Italy, Greece and Spain is equivalent to 30% of GDP, according to Stephen Jen of Bluegold Capital Management. Irish and Portuguese banks also are heavily exposed to those countries. Austrian banks\u0026#39; exposure to Eastern Europe is equivalent to 54% of GDP. These linkages between banking systems are a potentially potent transmission mechanism, making it hard to put a fence around the Greek sovereign crisis. \u003C\/p\u003E  \u003Cp\u003E\u003Cb\u003ENo wonder European leaders felt unable to leave Greece to the mercy of the markets. But in offering support, they are merely following a familiar pattern established during the crisis of shifting responsibility for funding the global debt pile from credit markets to the banks, from banks to sovereigns and now from weak sovereigns to stronger ones. Once this transfer is complete, the debt pile really will have nowhere else to go.\u003C\/b\u003E\u003Cbr\u003E \u003C\/p\u003E\u003C\/div\u003E\u003C\/div\u003E\u003C\/div\u003E "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/5336015054560779665\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=5336015054560779665","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/5336015054560779665"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/5336015054560779665"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/why-did-europe-blink.html","title":"Why did Europe blink?"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-5387978197567014700"},"published":{"$t":"2010-02-10T02:12:00.001-05:00"},"updated":{"$t":"2010-02-10T02:12:24.462-05:00"},"title":{"type":"text","$t":"Understand China's financial system"},"content":{"type":"html","$t":"\u003Ca href=\"http:\/\/www.economist.com\/businessfinance\/displaystory.cfm?story_id=15453014\u0026amp;fsrc=rss\" target=\"_blank\"\u003EDisentangle China\u0026#39;s \u0026#39;complex\u0026#39; financial system\u003C\/a\u003E (source: Economist Magazine).  \u003Cbr\u003E\u003Cbr\u003ENo surprise here ---the deep connections between bankers, and China\u0026#39;s Communist Party members, and their sons and daughters.  \u003Cbr\u003E  \u003Cbr\u003ETo be fair, every system is evolutionary, and it takes time to improve.  But there is no way to guarantee China\u0026#39;s financial system will become more transparent.  This does not look good to me. \u003Cbr\u003E   "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/5387978197567014700\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=5387978197567014700","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/5387978197567014700"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/5387978197567014700"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/understand-chinas-financial-system.html","title":"Understand China's financial system"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-7781715924202625866"},"published":{"$t":"2010-02-10T02:11:00.001-05:00"},"updated":{"$t":"2010-02-10T02:11:21.695-05:00"},"title":{"type":"text","$t":"Something about China's consumption"},"content":{"type":"html","$t":"\u003Ca href=\"http:\/\/www.caijing.com.cn\/2010-02-05\/110372844.html\" target=\"_blank\"\u003EAccording to Zhang Shugang\u003C\/a\u003E, a well-known economist in China, China\u0026#39;s consumption grew 15.5% over past year.  On the surface, this is exactly what we needed to re-balance China\u0026#39;s highly skewed, investment-driven economy\u003Cbr\u003E   \u003Cbr\u003ENot yet...\u003Cbr\u003E\u003Cbr\u003EFurther look at the data:  69% of the total consumption came from either housing or automobile purchase, \u003Cb\u003Ewith housing expenditure accounting for 55%\u003C\/b\u003E.  This is out of whack.  Think about how many people were actually buying for speculation only...animal spirits and bubble show up everywhere. \u003Cbr\u003E   \u003Cbr\u003EThis is a bubble that will eventually go bust. \u003Cbr\u003E\u003Cbr\u003E\u003Cbr\u003E "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/7781715924202625866\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=7781715924202625866","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/7781715924202625866"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/7781715924202625866"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/something-about-chinas-consumption.html","title":"Something about China's consumption"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-1259492262141556923"},"published":{"$t":"2010-02-09T12:24:00.000-05:00"},"updated":{"$t":"2010-02-09T12:25:09.941-05:00"},"title":{"type":"text","$t":"Big test coming for Euro"},"content":{"type":"html","$t":"David Rosenberg warns don\u0026#39;t take Euro\u0026#39;s longevity for granted: \u003Cbr\u003E\u003Cbr\u003E\u003Cdiv style=\"margin-left: 40px;\"\u003EGreece today may well be the touch-off point for market instability just as Thailand was back in July 1997 — who would have thought a Baht devaluation would have touched off a major Asian financial crisis. Then again, who thought the subprime mortgage market would unleash a broad credit collapse — certainly not the folks at the Federal Reserve. And, as for the Euroland, don't take its longevity for granted either. Go back to the history books and read about how long other currency unions lasted in that part of the world in the past (like the Latin Monetary Union circa 1867 or the Scandinavian Monetary Union circa 1873).\u003Cbr\u003E  \u003Cbr\u003E\u003C\/div\u003E\u003Cbr\u003EMaybe it\u0026#39;s too early to be too much worried about Euro, but be reminded that the fate of Euro had always been a jousting between two of my favorite economists, Milton Friedman and Bob Mundell.  \u003Cbr\u003E\u003Cbr\u003E \u003Cb\u003E\u003Ca href=\"http:\/\/www.irpp.org\/po\/archive\/may01\/friedman.pdf\"\u003E***Read this classic historical debate***\u003C\/a\u003E\u003C\/b\u003E at University of Chicago between the two great minds. \u003Cbr\u003E \u003Cbr\u003E\u003Cbr\u003E "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/1259492262141556923\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=1259492262141556923","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/1259492262141556923"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/1259492262141556923"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/big-test-coming-for-euro.html","title":"Big test coming for Euro"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-2345663115429632532"},"published":{"$t":"2010-02-09T09:31:00.000-05:00"},"updated":{"$t":"2010-02-09T09:32:20.778-05:00"},"title":{"type":"text","$t":"Fogel on world economy in 2040"},"content":{"type":"html","$t":"Robert Fogel, winner of Nobel prize in economics in 1993, predicts China will dominate the world economy by 2040 (see the table below). \u003Cbr\u003E\u003Cbr\u003E\u003Cbr\u003E\u003Ca onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEi1midgGAZhg9hnvTHSqVuA786noqgRoT-sisr0SHc8RJiQYb8mTqWyqI-TtedCq_FQHpyIAa9DNMv-Nm-to_qwPAkEVvp40NckX0zwfB_5rcwhwkbhAT8abic4VDvoADr-tQm8bA\/s1600\/worldgdp+2040.png\"\u003E\u003Cimg style=\"cursor: pointer; width: 400px; height: 395px;\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEi1midgGAZhg9hnvTHSqVuA786noqgRoT-sisr0SHc8RJiQYb8mTqWyqI-TtedCq_FQHpyIAa9DNMv-Nm-to_qwPAkEVvp40NckX0zwfB_5rcwhwkbhAT8abic4VDvoADr-tQm8bA\/s400\/worldgdp+2040.png\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5407019389627749554\" border=\"0\"\u003E\u003C\/a\u003E\u003Cbr\u003E  \u003Cbr\u003E\u003Cbr\u003E His prediction raised some heated debate in economics profession. In a \u003Ca href=\"http:\/\/www.nber.org\/papers\/w15721\"\u003Erecent NBER paper\u003C\/a\u003E, he explained why he thinks:\u003Cbr\u003E\u003Cbr\u003E\u003Cdiv style=\"margin-left: 40px;\"\u003E1. China\u0026#39;s future growth rate will be about 8% per year between 2000 and 2040; \u003Cbr\u003E  2. EU-15 will only grow at 1.2% per year between 2000 and 2040;\u003Cbr\u003E3. The U.S. GDP between the same years will grow at 3.7% per year. \u003Cbr\u003E\u003Cbr\u003E\u003C\/div\u003E\u003Cbr\u003E\u003Cbr\u003E "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/2345663115429632532\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=2345663115429632532","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/2345663115429632532"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/2345663115429632532"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/fogel-on-world-economy-in-2040.html","title":"Fogel on world economy in 2040"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"media$thumbnail":{"xmlns$media":"http://search.yahoo.com/mrss/","url":"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEi1midgGAZhg9hnvTHSqVuA786noqgRoT-sisr0SHc8RJiQYb8mTqWyqI-TtedCq_FQHpyIAa9DNMv-Nm-to_qwPAkEVvp40NckX0zwfB_5rcwhwkbhAT8abic4VDvoADr-tQm8bA\/s72-c\/worldgdp+2040.png","height":"72","width":"72"},"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-9151773484265844269"},"published":{"$t":"2010-02-09T05:29:00.001-05:00"},"updated":{"$t":"2010-02-09T05:29:40.714-05:00"},"title":{"type":"text","$t":"Betting against Euro"},"content":{"type":"html","$t":"Traders are increasingly betting against Euro (source: FT):\u003Cbr\u003E\u003Cbr\u003E\u003Cdiv style=\"margin-left: 40px;\"\u003E\u003Cdiv class=\"ft-story-body\"\u003E\u003Cp\u003ETraders and hedge funds have bet nearly $8bn (€5.9bn) against the euro, amassing the biggest ever short position in the single currency on fears of a eurozone debt crisis. \u003C\/p\u003E\u003Cp\u003EFigures from the \u003Cb\u003EChicago Mercantile Exchange\u003C\/b\u003E, which are often used as a proxy of hedge fund activity, showed investors had increased their positions against the euro to record levels in the week to February 2. \u003C\/p\u003E\u003Cp\u003EThe build-up in net short positions represents more than 40,000 contracts traded against the euro, equivalent to $7.6bn. It suggests investors are losing confidence in the single currency's ability to withstand any contagion from Greece's budget problems to other European countries. \u003C\/p\u003E\u003Cp\u003EAmid growing nervousness in financial markets over whether countries including Spain and Portugal can repair their public finances, Madrid on Monday launched a PR offensive to try to assuage investors' fears.\u003C\/p\u003E\u003Cp\u003EElena Salgado, Spanish finance minister, and José Manuel Campa, her deputy, flew to London to meet bondholders.\u003C\/p\u003E\u003Cp\u003EThey sought to allay doubts about Spain's creditworthiness by repeating promises to cut its budget deficit to 3 per cent of gross domestic product by 2013 from 11.4 per cent last year. \"We'll make the adjustment that's necessary,\" Mr Campa said. But their disclosure that the treasury planned to raise a net €76.8bn through debt issuance this year unsettled markets further. The projected sum to be raised was lower than the €116.7bn of 2009 but higher than many investors had expected. \u003C\/p\u003E\u003Cp\u003EThe news sent yields on Spanish government bonds, which have an inverse relationship with prices, sharply higher. The premium demanded by investors to hold the country's debt over German bunds rose to 1 percentage point.\u003C\/p\u003E\u003Cp\u003EThe Spanish government is convinced it is being unfairly treated by foreign investors and the media. José Blanco, Spain's public works minister, hit out at \"financial speculators\" for attacking the euro and criticised \"apocalyptic commentaries\" about Spain's finances.\u003C\/p\u003E\u003Cp\u003EAppealing for patriotism, Mr Blanco said in a radio interview: \"Nothing that is happening in the world, including the editorials of foreign newspapers, is casual or innocent.\"\u003C\/p\u003E\u003Cp\u003EThe single currency fell to an eight-month low of $1.3583 on Friday but recovered a little on Monday to $1.3683.  Analysts said sentiment towards the euro had soured because of the increasing concern over Greece's fiscal problems. \u003C\/p\u003E\u003Cp\u003EThomas Stolper, economist at Goldman Sachs, said: \" Behind this intense focus on Greece obviously is the long-standing unresolved issue of how to enforce fiscal discipline in a currency union of sovereign states.\"\u003C\/p\u003E\u003C\/div\u003E\u003C\/div\u003E "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/9151773484265844269\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=9151773484265844269","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/9151773484265844269"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/9151773484265844269"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/betting-against-euro.html","title":"Betting against Euro"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-5190991636157172084"},"published":{"$t":"2010-02-07T16:11:00.001-05:00"},"updated":{"$t":"2010-02-07T16:11:34.951-05:00"},"title":{"type":"text","$t":"Is China rising as a science superpower?"},"content":{"type":"html","$t":"Reports from Bank of Finland:\u003Cbr\u003E\u003Cbr\u003E\u003Cdiv style=\"margin-left: 40px;\"\u003EChina rising as science superpower; huge growth in research activity. A \u003Ca href=\"http:\/\/blogs.ft.com\/scienceblog\/2009\/11\/03\/explosive-growth-in-chinas-research-output\/\" target=\"_blank\"\u003EFinancial Times story on Monday\u003C\/a\u003E (Jan. 25) compiled data from Thomson Reuters and Web Science database to show Chinese researchers published about 112,000 scientific articles in peer-reviewed journals in 2008. US researchers led the pack with the most published articles (333,000). \u003Cbr\u003E   \u003Cbr\u003EAmong the BRIC countries, China has made the most impressive gains in research publications, with notable strengths in the areas of chemistry and materials science. The quality of the science in Chinese papers still is variable, but clearly the Chinese are increasingly working across borders with members of the international research community and a growing number of foreign researchers are publishing jointly with their Chinese colleagues. Generally speaking, the quality of Chinese research is improving.\u003Cbr\u003E    Brazil has also made huge strides in increasing its out-put of scientific articles, with particular expertise shown in the areas of agriculture and bioscience. In contrast, India, and in particular Russia, failed to live up to expectations of increasing research prowess.\u003Cbr\u003E   \u003Cbr\u003E China's heavy investment in education and R\u0026amp;D during the past decade is now coming to fruition with China joining other research leaders. The return of the Chinese re-searchers who have studied and worked in North America and Europe are playing an important role in China's development. China has also been successful in translating basic science advances into commercial applications. This phenomenon is reflected, e.g. in the large increase in international patent applications.\u003Cbr\u003E  \u003Cbr\u003E \u003Cbr\u003E\u003C\/div\u003ETwo graphs extracted from the \u003Ca href=\"http:\/\/researchanalytics.thomsonreuters.com\/m\/pdfs\/grr-china-nov09.pdf\"\u003EThomson Reuters\u0026#39; report\u003C\/a\u003E on China\u0026#39;s research output:\u003Cbr\u003E\u003Cbr\u003E\u003Cbr\u003E(click to enlarge)\u003Cbr\u003E\u003Cbr\u003E  China now produces the world\u0026#39;s second most research publications, only behind the United States. \u003Cbr\u003E\u003Cbr\u003E\u003Cbr\u003E\u003Ca onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEj-c9QpxRyucNPj_floZznd7D4e_MytZBC85Eyw2xc09DrgDLLuH7emp6vazU7gGsjyYii663Jd5J72NdwJwu1UZ-U5zfpcbBKJHLvfUE0dSQaRYSh6b0fVEF7rmO0JYxy63S9RgQ\/s1600-h\/chinaresearchoutput.jpg\"\u003E\u003Cimg style=\"cursor: pointer; width: 400px; height: 345px;\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEj-c9QpxRyucNPj_floZznd7D4e_MytZBC85Eyw2xc09DrgDLLuH7emp6vazU7gGsjyYii663Jd5J72NdwJwu1UZ-U5zfpcbBKJHLvfUE0dSQaRYSh6b0fVEF7rmO0JYxy63S9RgQ\/s400\/chinaresearchoutput.jpg\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5435610901208088962\" border=\"0\"\u003E\u003C\/a\u003E\u003Cbr\u003E  \u003Cbr\u003E\u003Cbr\u003EWhere are China\u0026#39;s research publications concentrated?\u003Cbr\u003E\u003Cbr\u003E\u003Ca onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEhH7urj9xoqzc-flkVyawbuUQYHDFBfxXQlCh4BKlZsZOWLLmo5jswTwN2Uk6-U7MouXyJ0R416iDnDw08AOXjNEoV0_GYQ9P6f4K6uVDwlkJKHVE4iqFnL27QvNFcmQJ3m7zKXwA\/s1600-h\/chinapublications.jpg\"\u003E\u003Cimg style=\"cursor: pointer; width: 400px; height: 378px;\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEhH7urj9xoqzc-flkVyawbuUQYHDFBfxXQlCh4BKlZsZOWLLmo5jswTwN2Uk6-U7MouXyJ0R416iDnDw08AOXjNEoV0_GYQ9P6f4K6uVDwlkJKHVE4iqFnL27QvNFcmQJ3m7zKXwA\/s400\/chinapublications.jpg\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5435610964782344018\" border=\"0\"\u003E\u003C\/a\u003E\u003Cbr\u003E  \u003Cbr\u003E\u003Cdiv style=\"margin-left: 40px;\"\u003E\u003Cbr\u003E\u003Cbr\u003E \u003C\/div\u003E "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/5190991636157172084\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=5190991636157172084","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/5190991636157172084"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/5190991636157172084"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/is-china-rising-as-science-superpower.html","title":"Is China rising as a science superpower?"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"media$thumbnail":{"xmlns$media":"http://search.yahoo.com/mrss/","url":"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEj-c9QpxRyucNPj_floZznd7D4e_MytZBC85Eyw2xc09DrgDLLuH7emp6vazU7gGsjyYii663Jd5J72NdwJwu1UZ-U5zfpcbBKJHLvfUE0dSQaRYSh6b0fVEF7rmO0JYxy63S9RgQ\/s72-c\/chinaresearchoutput.jpg","height":"72","width":"72"},"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-1433763577234588645"},"published":{"$t":"2010-02-07T12:13:00.002-05:00"},"updated":{"$t":"2010-02-07T13:17:59.861-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"crisis"},{"scheme":"http://www.blogger.com/atom/ns#","term":"euro"}],"title":{"type":"text","$t":"Eurozone's debt contagion"},"content":{"type":"html","$t":"Interview of Harvard professor Nail Ferguson.  Will Germany-France bail out Greece, Spain and Portugal?\u003Cbr \/\u003E\u003Cbr \/\u003ERemember Milton Friedman's prediction --- \"Euro can't survive a major crisis.\"  Let's watch and see.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cobject classid=\"clsid:D27CDB6E-AE6D-11cf-96B8-444553540000\" id=\"cs_player\" height=\"305\" width=\"400\"\u003E\u003Cparam name=\"movie\" value=\"http:\/\/eplayer.clipsyndicate.com\/cs_api\/get_swf\/3\/\u0026amp;pl_id=1778\u0026amp;page_count=5\u0026amp;windows=1\u0026amp;show_title=0\u0026amp;va_id=1293694\u0026amp;auto_start=0\u0026amp;auto_next=1\"\u003E\u003Cparam name=\"allowfullscreen\" value=\"true\"\u003E\u003Cparam name=\"allowscriptaccess\" value=\"always\"\u003E\u003Cembed src=\"http:\/\/eplayer.clipsyndicate.com\/cs_api\/get_swf\/3\/\u0026amp;pl_id=1778\u0026amp;page_count=5\u0026amp;windows=1\u0026amp;show_title=0\u0026amp;va_id=1293694\u0026amp;auto_start=0\u0026amp;auto_next=1\" type=\"application\/x-shockwave-flash\" allowscriptaccess=\"always\" allowfullscreen=\"true\" height=\"305\" width=\"400\"\u003E\u003C\/embed\u003E\u003C\/object\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E(update 1) Rolfe Winkler writes on Reuters on the same issue.  He outlined three possible outcomes.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Ca onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiwDzX5OjwGWBmX2EAEtEja4b9H9iFRkICKarkKr7FTeHCn8uSNF5iuHVr3y88jl7h-SDdKYEs8fQ2iPAVhaFMLWgO-P93hPYeVUc_aU3f_7N1AdYdOKs1CFFCzVl98hkcdK6Imbg\/s1600-h\/kyd77h.jpg\"\u003E\u003Cimg style=\"cursor: pointer; width: 400px; height: 266px;\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiwDzX5OjwGWBmX2EAEtEja4b9H9iFRkICKarkKr7FTeHCn8uSNF5iuHVr3y88jl7h-SDdKYEs8fQ2iPAVhaFMLWgO-P93hPYeVUc_aU3f_7N1AdYdOKs1CFFCzVl98hkcdK6Imbg\/s400\/kyd77h.jpg\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5435567430132375810\" border=\"0\" \/\u003E\u003C\/a\u003E\u003Cbr \/\u003E\u003Cp\u003E1) The \u003Cspan style=\"font-weight: bold;\"\u003EPIIGS\u003C\/span\u003E (acronym for Portugal, Ireland, Italy, Greece and Spain) cut their budgets to pay back debt. Such austerity programs are typically very difficult to get done in democracies. Deficit spending stays high long past the point that it’s possible to work off debt over any reasonable period. To successfully dig out of the hole requires cuts so deep, voters never agree to them.\u003C\/p\u003E \u003Cp\u003E2) Europe bails them out, which is the easiest solution in the short-run. Richer European countries certainly have the wherewithal to bail out a small country like Greece or Portugal. But it’s a dangerous precedent to set. What about Spain? It’s 14% of the Euro economy compared to 6% for Portugal\/Ireland\/Greece combined. If economies keep spending with an eye towards a bailout from the ECB, eventually you get #3.\u003C\/p\u003E \u003Cp\u003E3) The monetary union breaks apart. The customary way out of a debt crisis is to devalue one’s currency, see Argentina in 2001. It couldn’t maintain it’s dollar peg and still service its debt, so it devalued its currency and defaulted on debt. But this locked the country out of the international capital markets and drove them into a deep, though brief, Depression. For Greece to devalue, it would have to pull out of the Euro, pass a law that it’s debts are payable in new local currency and then devalue.\u003C\/p\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/1433763577234588645\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=1433763577234588645","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/1433763577234588645"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/1433763577234588645"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/eurozones-debt-contagion.html","title":"Eurozone's debt contagion"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"media$thumbnail":{"xmlns$media":"http://search.yahoo.com/mrss/","url":"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiwDzX5OjwGWBmX2EAEtEja4b9H9iFRkICKarkKr7FTeHCn8uSNF5iuHVr3y88jl7h-SDdKYEs8fQ2iPAVhaFMLWgO-P93hPYeVUc_aU3f_7N1AdYdOKs1CFFCzVl98hkcdK6Imbg\/s72-c\/kyd77h.jpg","height":"72","width":"72"},"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-9216310683144357832"},"published":{"$t":"2010-02-07T03:23:00.001-05:00"},"updated":{"$t":"2010-02-07T03:23:53.662-05:00"},"title":{"type":"text","$t":"Beijing Consensus, no more"},"content":{"type":"html","$t":"Yang Yao, Director of the China Center for Economic Research at Peking University, writes on \u003Ca href=\"http:\/\/www.foreignaffairs.com\/articles\/65947\/the-end-of-the-beijing-consensus\"\u003E\u003Cb\u003EForeign Affairs\u003C\/b\u003E\u003C\/a\u003E that Beijing\u0026#39;s ongoing efforts to promote growth are infringing on people\u0026#39;s economic and political rights. In order to survive, the Chinese government will have to start allowing ordinary citizens to take part in the political process.\u003Cbr\u003E\u003Cbr\u003EIn my view, this so-called \u003Ci\u003EBeijing Consensus\u003C\/i\u003E never existed. It\u0026#39;s the fantasy of some academic scholars. It should not be treated as a universal development model and applied to other developing countries. \u003Cbr\u003E  \u003Cbr\u003EChina\u0026#39;s development model may be very efficient, but it lacks higher moral ground. It\u0026#39;s the outcome of three decades of gradualist policy evolution during a very special transitioning period. What China needs is more individual freedom and less government intervention in both economic and political spheres. \u003Cbr\u003E  \u003Cbr\u003ERead Yang Yao\u0026#39;s piece, \u0026quot;\u003Ca href=\"http:\/\/www.foreignaffairs.com\/articles\/65947\/the-end-of-the-beijing-consensus\"\u003EThe End of the Beijing Consensus\u003C\/a\u003E\u0026quot;. \u003Cbr\u003E\u003Cbr\u003E\u003Cbr\u003E\u003Cbr\u003E "},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/9216310683144357832\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=9216310683144357832","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/9216310683144357832"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/9216310683144357832"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/beijing-consensus-no-more.html","title":"Beijing Consensus, no more"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-7709521090524948320"},"published":{"$t":"2010-02-06T09:41:00.005-05:00"},"updated":{"$t":"2010-02-06T09:48:57.854-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"Currency"}],"title":{"type":"text","$t":"Market and the Dollar"},"content":{"type":"html","$t":"This is a remarkable graph showing the negative correlation between the market and US dollar.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Ca onblur=\"try {parent.deselectBloggerImageGracefully();} catch(e) {}\" href=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiVM5RUeoGOu8ZeeUqMFehyphenhyphenXhBZZP0TaId3EQIZSMIkRo961-vMM2ZyQ83D4G7cQW3ozYxWIGImVCbCSdVcMGbvDEpoi__dBO8PnZarJwfh5EYN8OOeBEwtD2Qh8ARhQiqfVcKGNw\/s1600-h\/COM-SPvsDollar-02052010.gif\"\u003E\u003Cimg style=\"cursor: pointer; width: 284px; height: 400px;\" src=\"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiVM5RUeoGOu8ZeeUqMFehyphenhyphenXhBZZP0TaId3EQIZSMIkRo961-vMM2ZyQ83D4G7cQW3ozYxWIGImVCbCSdVcMGbvDEpoi__dBO8PnZarJwfh5EYN8OOeBEwtD2Qh8ARhQiqfVcKGNw\/s400\/COM-SPvsDollar-02052010.gif\" alt=\"\" id=\"BLOGGER_PHOTO_ID_5435141607076877554\" border=\"0\" \/\u003E\u003C\/a\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/7709521090524948320\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=7709521090524948320","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/7709521090524948320"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/7709521090524948320"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/market-and-dollar.html","title":"Market and the Dollar"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"media$thumbnail":{"xmlns$media":"http://search.yahoo.com/mrss/","url":"https:\/\/blogger.googleusercontent.com\/img\/b\/R29vZ2xl\/AVvXsEiVM5RUeoGOu8ZeeUqMFehyphenhyphenXhBZZP0TaId3EQIZSMIkRo961-vMM2ZyQ83D4G7cQW3ozYxWIGImVCbCSdVcMGbvDEpoi__dBO8PnZarJwfh5EYN8OOeBEwtD2Qh8ARhQiqfVcKGNw\/s72-c\/COM-SPvsDollar-02052010.gif","height":"72","width":"72"},"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-3628684674238167232"},"published":{"$t":"2010-02-04T07:18:00.006-05:00"},"updated":{"$t":"2010-02-06T09:51:38.699-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"technology"}],"title":{"type":"text","$t":"6-sense technology"},"content":{"type":"html","$t":"The current state of six-sense technology -- connecting physical world to digital world.\u003Cbr \/\u003E\u003Cbr \/\u003EAmazing...\u003Cbr \/\u003E\u003Cbr \/\u003ENever underestimate what human capital and knowledge can do.  I am optimistic that in 50 years, human welfare will be at much higher level than what any of us can possibly imagine today.\u003Cbr \/\u003E\u003Cbr \/\u003EThanks to its immigration policy, the U.S. is still leading the pack.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cobject height=\"315\" width=\"400\"\u003E\u003Cparam name=\"movie\" value=\"http:\/\/video.ted.com\/assets\/player\/swf\/EmbedPlayer.swf\"\u003E\u003Cparam name=\"allowFullScreen\" value=\"true\"\u003E\u003Cparam name=\"wmode\" value=\"transparent\"\u003E\u003Cparam name=\"bgColor\" value=\"#ffffff\"\u003E \u003Cparam name=\"flashvars\" value=\"vu=http:\/\/video.ted.com\/talks\/dynamic\/PranavMistry_2009I-medium.flv\u0026amp;su=http:\/\/images.ted.com\/images\/ted\/tedindex\/embed-posters\/PranavMistry-2009I.embed_thumbnail.jpg\u0026amp;vw=432\u0026amp;vh=240\u0026amp;ap=0\u0026amp;ti=685\u0026amp;introDuration=16500\u0026amp;adDuration=4000\u0026amp;postAdDuration=2000\u0026amp;adKeys=talk=pranav_mistry_the_thrilling_potential_of_sixthsense_tec;year=2009;theme=design_like_you_give_a_damn;theme=tales_of_invention;theme=what_s_next_in_tech;theme=a_taste_of_tedindia;theme=the_creative_spark;theme=new_on_ted_com;theme=ted_under_30;event=TEDIndia+2009;\u0026amp;preAdTag=tconf.ted\/embed;tile=1;sz=512x288;\"\u003E\u003Cembed src=\"http:\/\/video.ted.com\/assets\/player\/swf\/EmbedPlayer.swf\" pluginspace=\"http:\/\/www.macromedia.com\/go\/getflashplayer\" type=\"application\/x-shockwave-flash\" wmode=\"transparent\" bgcolor=\"#ffffff\" allowfullscreen=\"true\" flashvars=\"vu=http:\/\/video.ted.com\/talks\/dynamic\/PranavMistry_2009I-medium.flv\u0026amp;su=http:\/\/images.ted.com\/images\/ted\/tedindex\/embed-posters\/PranavMistry-2009I.embed_thumbnail.jpg\u0026amp;vw=432\u0026amp;vh=240\u0026amp;ap=0\u0026amp;ti=685\u0026amp;introDuration=16500\u0026amp;adDuration=4000\u0026amp;postAdDuration=2000\u0026amp;adKeys=talk=pranav_mistry_the_thrilling_potential_of_sixthsense_tec;year=2009;theme=design_like_you_give_a_damn;theme=tales_of_invention;theme=what_s_next_in_tech;theme=a_taste_of_tedindia;theme=the_creative_spark;theme=new_on_ted_com;theme=ted_under_30;event=TEDIndia+2009;\" height=\"315\" width=\"400\"\u003E\u003C\/embed\u003E\u003C\/object\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/3628684674238167232\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=3628684674238167232","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/3628684674238167232"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/3628684674238167232"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/6-sense-technology.html","title":"6-sense technology"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}},{"id":{"$t":"tag:blogger.com,1999:blog-16534518.post-3670954358568935803"},"published":{"$t":"2010-02-04T06:38:00.002-05:00"},"updated":{"$t":"2010-02-04T06:58:10.983-05:00"},"category":[{"scheme":"http://www.blogger.com/atom/ns#","term":"crisis"},{"scheme":"http://www.blogger.com/atom/ns#","term":"United States"}],"title":{"type":"text","$t":"Paulson: the US was very close to financial collapse"},"content":{"type":"html","$t":"Paulson's interview with Bloomberg.\u003Cbr \/\u003E\u003Cbr \/\u003EAt one point, he talked to his wife, Wendy,  on the cell phone, \"I am scared...pray for me.\"\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cp\u003E\u003Ca href=\"http:\/\/www.bloomberg.com\/avp\/avp.htm?N=av\u0026amp;T=Paulson%20Says%20U.S.%20Was%20%60Very%20Close%E2%80%99%20to%20Financial%20Collapse\u0026amp;clipSRC=mms:\/\/media2.bloomberg.com\/cache\/vb2.8kwuNamE.asf\" target=\"_blank\"\u003E\u003Cimg class=\"alignnone size-full wp-image-50742\" title=\"Paulson Bloomberg\" src=\"http:\/\/www.ritholtz.com\/blog\/wp-content\/uploads\/2010\/02\/Paulson-Bloomberg.png\" alt=\"\" height=\"314\" width=\"353\" \/\u003E\u003C\/a\u003E\u003C\/p\u003E\u003Cbr \/\u003E\u003Cbr \/\u003EAlso watch my previous post on \u003Ca href=\"http:\/\/economistonline.blogspot.com\/2009\/04\/frontline-inside-meltdown.html\"\u003EInside the Meltdown\u003C\/a\u003E from Frontline.\u003Cbr \/\u003E\u003Cbr \/\u003E\u003Cbr \/\u003E \u003Cdiv style=\"margin-top: 10px; height: 15px;\" class=\"zemanta-pixie\"\u003E\u003Ca class=\"zemanta-pixie-a\" href=\"http:\/\/reblog.zemanta.com\/zemified\/59d0715d-c34c-48ce-b9ca-d670b3cf217c\/\" title=\"Reblog this post [with Zemanta]\"\u003E\u003Cimg style=\"border: medium none ; float: right;\" class=\"zemanta-pixie-img\" src=\"http:\/\/img.zemanta.com\/reblog_e.png?x-id=59d0715d-c34c-48ce-b9ca-d670b3cf217c\" alt=\"Reblog this post [with Zemanta]\" \/\u003E\u003C\/a\u003E\u003Cspan class=\"zem-script more-related pretty-attribution\"\u003E\u003Cscript type=\"text\/javascript\" src=\"http:\/\/static.zemanta.com\/readside\/loader.js\" defer=\"defer\"\u003E\u003C\/script\u003E\u003C\/span\u003E\u003C\/div\u003E"},"link":[{"rel":"replies","type":"application/atom+xml","href":"http:\/\/economistonline.blogspot.com\/feeds\/3670954358568935803\/comments\/default","title":"Post Comments"},{"rel":"replies","type":"text/html","href":"http:\/\/www.blogger.com\/comment.g?blogID=16534518\u0026postID=3670954358568935803","title":"0 Comments"},{"rel":"edit","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/3670954358568935803"},{"rel":"self","type":"application/atom+xml","href":"http:\/\/www.blogger.com\/feeds\/16534518\/posts\/default\/3670954358568935803"},{"rel":"alternate","type":"text/html","href":"http:\/\/economistonline.blogspot.com\/2010\/02\/paulson-us-was-very-close-to-financial.html","title":"Paulson: the US was very close to financial collapse"}],"author":[{"name":{"$t":"Unknown"},"email":{"$t":"noreply@blogger.com"},"gd$image":{"rel":"http://schemas.google.com/g/2005#thumbnail","width":"16","height":"16","src":"https:\/\/img1.blogblog.com\/img\/b16-rounded.gif"}}],"thr$total":{"$t":"0"}}]}});