Upping the Game at RGE
Credit is due when credit is due ... Actually I am sure you are all reading Brad Setser, Felix Salmon and Nouriel Roubini anyway. In any case, I have pointed to them enough times to make you aware of them I would say. Now, in terms of Nouriel Roubini he is not saying much new at the moment. I am not criticising as such (just a bit) but clearly he is a man with a mission these days and I don't have energy to follow it in detail anymore. When all the storm has been weathered though there is no doubt that Roubini's discourse will stand as one of the most clear and straight cut messages on the US slowdown as it is playing out at the moment.
Meanwhile, the best way, alongside Dave Altig, to differentiate Roubini's crisis mongerings is strangely enough Felix Salmon who himself is writing for RGE. It might seem as petty inhouse fighting but it is a huge asset to be able to accomodate seperating views under one blog brand (or whatever it is). Felix sums up his views in this long but worthwhile post aptly entitled Economonitor vs Roubini.
'The Economonitor is in a fratricidal, or maybe patricidal, mood today – which just happens to coincide with Nouriel Roubini's long-awaited blog on why the US housing market won't experience the soft landing (or no landing at all) that happened in the UK, the US and Australia. I actually don't have much of an opinion on housing prices, and if I did have an opinion it wouldn't be one worth listening to in any case. But I do know a weak argument when I see one, and Nouriel's effort this time around is definitely pretty weak.'
Over at Brad Setser I have also had proper intellectual stimulation lately; especially the post about a world turned upside down is execellent. Brad's musings are important because they give an important long term insight into the idea and implications of global economic imbalances. I am not sure I agree with everything he has to say (generally I am not too hot on the idea of the crucial importance of the RMB/dollar relationship) but I am not sure I understand what is going on either. The global economy these days is difficult to get a hold on and no-one can say for certain where we are going; all of us, of course, have our ideas. One thing is certain though, 2007 will be a very interesting year!