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Agree without reservation. I used to listen to Levin's radio show, but I have neither the time nor the necessarily controlled blood pressure to listen to polemicists anymore (even if their polemics are directed at my political adversaries). But I do agree with him, and the school of thought...

I agree. Perhaps I didn't state it explicitly in my example of Switzerland, the UK, and the US: democracy must fit the particular needs of a country at a particular time. The form of democracy present in the US, as you stated, is not the same as when the US was founded. Directly elected...

I always appreciate your original posts, @Genesis , so thank you for including me in the conversation. I think you're approaching two separate topics here, so if you don't mind, I will divide them into the question of democracy, and the question of capitalism. Democracy for China...

Hey Lure, I don't post on PDF anymore unless specifically tagged, so it's nothing personal. I am always troubled by these kinds of lists, because the criteria are ill-defined. The qualities that create a "Great Power" are not specified, and are inconsistently applied across the powers listed...

I don't necessarily trust inflation figures (even in the US) because of the manipulation involved, but if the measurement is consistent across time (or manipulated with a consistent methodology), the trend it indicates is more or less valid. Even if prices in Pakistan are similar to prices in...

Happy new year to you as well, my friend.

In truth, no one should trust any credentials on an anonymous internet forum like PDF. We don't know the identities or credentials of the site staff, so how can we rely upon their vetting process? We cannot, so there isn't much utility in demanding that an individual should present credentials...

@Providence Thankfully, @asquare has already provided an excellent explanation, so there's little for me to add. I would only offer, from a manager's perspective, that low inflation leads to better long-term planning, and low inflation leads to a "harder" currency (which stabilizes the...

Fortunately, Michael Pettis already explored this issue in depth (as posted by @SvenSvensonov previously), so I would encourage interested users to read his article: My Reading of the FT on China’s “Turning Away from the Dollar” - Carnegie Endowment for International Peace China will not sell...

Thank you, my friend. And a happy New Year to you, and all of my PDF friends.

I appreciate the vote of confidence, @levina , but I am too busy these days to participate in a meaningful way. I do look forward to reading the articles produced, however.

While we didn't always agree on issues, I have always appreciated your professional temperament and your constant introduction of new and interesting articles that presented a perspective I hadn't considered before, or from sources that I don't read myself. Your contribution above about China's...

Congratulations, Sven! You certainly raised the bar here at PDF, and your quality posts will be missed. All the best to you, and you are always welcome to drop by (here or elsewhere.. <cough>). Good luck, and G-dspeed. Wow, the world really is smaller than we think. That Chinese phrase...

I was converted to the Michael Pettis school some time ago, he's a brilliant analyst. I especially love his arguments for why holding the global reserve currency is more of a burden than a privilege, which makes the argument about "breaking the USD as the reserve currency" that we always see...

When the 10 year treasury breaches 3%, there will be a tsunami of money that returns to the US. As far as corporates bringing their offshore profits home--they will return the money when they aren't punished for bringing money into the US. A Russia-style 13% flat tax rate might be a good...

That's a savvy currency play.

That link actually gives a very good view of assets, broken down by government, central bank, corporate, and personal assets, categorized by type of asset, and duration. What are you looking for, exactly? As we discussed, default is not an inevitability, it is a choice. A choice that would...

These are the latest official figures I could find. Net External Debt Position of the Russian Federation, by Sector | Bank of Russia

A portion of Russia's trillion dollars in external assets would be seized by creditors if it defaulted. A default would temporarily hurt the West, but would wreck Russia far beyond the default of 1998. Spinning this as Russia holding all the cards is sheer desperation. Make no mistake, no one...

I suspect that the main difference between China and the US is at the auditor level--after all, more due diligence could never hurt, right? One would assume that the longer-lasting and more arduous Chinese verification system would yield better results, but it probably doesn't due to weaknesses...