China is Sovereign in their Currency

In a recent article, Michael Pettis is missing the point of arguments that claim the Chinese money system is different. The point is that the Chinese government effectively owns and operates the Chinese money system

Review of 2011 Predictions

by Michael Pettis, China Financial Markets Since the beginning of the global crisis in 2007-08 I have argued that the crisis was a consequence primarily of global trade imbalances generated by structural features that led to significant saving imbalances in China, the US, and within Europe. I describe this model in more detail in my …

Stratfor: The U.S.-European Relationship, Then and Now

By George Friedman, Founder and Chairman, Stratfor I am writing this from Greece, having spent the past week in Europe and having moved among various capitals. Most discussions I’ve had in my travels concern U.S. President Barack Obama’s failure to move decisively against Syria and how Russian President Vladimir Putin outmatched him. Of course, the …

Was Money Created to Overcome Barter?

by Reynold F. Nesiba, New Economic Perspectives This past May, marked the one hundredth anniversary of A. Mitchell Innes’s (1913) publication of a paper titled, “What is Money?” in The Banking Law Journal.  In it, this British diplomat, then living in the US, reviewed the history and usage of money and its forms in credit …