Semi-Daily Journal Archive

The Blogspot archive of the weblog of J. Bradford DeLong, Professor of Economics and Chair of the PEIS major at U.C. Berkeley, a Research Associate of the National Bureau of Economic Research, and former Deputy Assistant Secretary of the U.S. Treasury.

Monday, January 16, 2006

Virtual Blogroll Link-of-the-Week: General Glut's Globblog

With the coming of RSS, my blogroll is no longer a good guide to what I find worth reading. So let me try to remember to, every Monday, create a link to something that would be at the top of my list of weblogs-to-read if that list were still current.

Today's entry is:

General Glut's Globblog :

Here's a sample:

Good luck to the South Korean government and to the Bank of Korea. They'll need it.

South Korea's finance ministry said on Friday it would mobilise all possible means to curb the won's recent sharp appreciation against the US dollar... concern among government officials that the stronger won could hurt exports, which account for more than a third of Asia's fourth-largest economy....

Korea is the most battered member of the East Asian bloc propping up the US dollar. Perhaps "bloc" is too strong a word "Coalition of the unwilling" might be better for it certainly describes Korea's participation in it. Led by the Chinese peg to the USD -- or rather now, the Chinese "basket" which continues to function as a crawling near-peg to the USD -- the Japanese yen, the Korean won and the Taiwanese dollar (along with their respective central banks) are also moving in a flock, trying desperately to hold their currencies down by holding the dollar up in order to keep China's pace. Korea has rebelled briefly several times in the past against membership in a coalition which is costing the Bank of Korea billions.... The problem was always the pain of a rapidly rising currency which the government and the Bank of Korea could not stand.


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