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Earth is Missing $265-Billion
Paul Kedrosky's Infectious Greed — ... surplus of several hundred billion dollars (see chart 1), with China and oil exporters accounting for almost all of the increase in the past three or four years. Much of the turnaround is mirrored in a widening American deficit. (The world’s sums do not add up. Statisticians are unable to offset the recent burgeoning surpluses with deficits elsewhere: according to the IMF, in 2007 the surpluses exceeded the deficits by $265 billion.) [Emphasis added] Source: Economist Hey, maybe this whole damn planet is a fraud, a kind of evil ...

Where Do These Surpluses Come From?
Moon of Alabama — ... The Economist via Paul Kedrosky is discussing the imbalance of the global economy and includes this tale of a miracle: In 1996, the year before the Asian financial crisis began, economies designated by the IMF as emerging, developing and newly industrialised ran a collective current-account deficit of $78 billion. Over the next decade this turned into a surplus of several hundred billion dollars (see chart 1), with China and oil exporters accounting for almost all of the increase in the past three or four years. Much of the turnaround is mirrored in a ...

stimulus bill hits roadblock
Decline and Fall of Western Civilization — ... vendor finance must be stopped, as this disaster has largely proceeded from it. therefore, to the extent that china can be peaceably induced to gradually revalue the renminbi higher, reducing its current account surplus concomitantly, and accept the resultant burden of disassembling excess capacity through reduced export competitiveness, it should be. ...

He pinky swears
Mises Economics Blog — Good news, Alan Greenspan has finally admitted that it wasn't low interest rates that caused the bubble, but the Asians. [The same Asians that were spooked by Geithner in the late '90s.] I felt inspired and used icanhascheezburger to capture his honesty: Note: Greenspan is in good company as both Paul Krugman and The Economist have jumped on that same bandwagon. See also: When in Doubt, Blame the Asians Did the Fed, or Asian Saving, Cause the Housing Bubble? Did exchange rates ...

What did not cause the global crisis
VoxEU.org: Recent Articles — ... M. Garber (2004) The Revived Bretton Woods System , International Journal of Finance and Economics , 9:307-313. Dooley, Michael P., David Folkerts-Landau and Peter M. Garber (2009) Bretton Woods II Still Defines the International Monetary System , NBER Working Paper 14731 (February). Dunaway, Steven, Global Imbalances and Financial Crisis , Council for Foreign Relations Press, March, 2009. Economic Report of the President (2008) Economist (2009) When a Flow Becomes a Flood , January 22. Paulson, Henry (2008) Remarks by Secretary Henry ...

"Global Imbalances and the Crisis"
Economist's View — ... Dooley, Michael P., David Folkerts-Landau and Peter M. Garber (2009) “Bretton Woods II Still Defines the International Monetary System,” NBER Working Paper 14731 (February). Dunaway, Steven, Global Imbalances and Financial Crisis, Council for Foreign Relations Press, March, 2009. Economic Report of the President (2008) Economist (2009) When a Flow Becomes a Flood,” January 22. Paulson, Henry (2008) “Remarks by Secretary Henry ...