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Author Archive | R. Taggart Murphy

Asia and the Meltdown of American Finance

The boardrooms and finance ministries of Seoul, Bangkok, Jakarta, and Kuala Lumpur are today filled with a fair degree of schadenfreude at America’s troubles.  Schadenfreude is not a very nice emotion; Theodor Adorno once defined it as “unanticipated delight in the sufferings of another.”  But asking Asia’s business and governing elites to repress shivers of […]

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Why Japan Clings to the Declining Dollar

Saori Katada* poses a most compelling question: why does Japan continue to denominate so much of its accumulated export earnings in dollars?  Katada frames the question slightly differently, asking why Japan has not moved from being a “supporter” of the dollar-denominated currency regime in East Asia to being a “challenger.”  But it’s essentially the same […]

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