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Will the Tea Party Prove to Be the Ex-Im’s Slayer or Savior?

Will the Tea Party Prove to Be the Ex-Im’s Slayer or Savior?

The Tea Party’s efforts to kill the Export-Import Bank of the United States may be the very thing that assures the agency’s survival. And that would be a shame. The Ex-Im, as it is known, was established 80 years ago as the Export-Import Bank of Washington. Its raison d’etre was to finance the sale of […]

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The Currency Manipulation Report and the Depreciation of U.S. Credibility

The Currency Manipulation Report and the Depreciation of U.S. Credibility

At a time when the administration wants to convince Vladimir Putin that the U.S. has the will to employ potent economic tools to further its diplomatic objectives, a 34-page document that the Treasury Department delivered to Congress on April 15 doesn’t help our credibility. The “Semiannual Report to Congress on International Economic and Exchange Rate […]

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Hamilton, Jefferson, and the Fate of the Export-Import Bank

Hamilton, Jefferson, and the Fate of the Export-Import Bank

Two hundred and ten years after Aaron Burr felled Alexander Hamilton with a pistol shot, modern-day Jeffersonians are taking aim at a quintessentially Hamiltonian institution, hoping to deal it a mortal blow in America’s revivified duel over the proper role of government. The fight is over the Export-Import Bank of the United States, whose charter […]

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China’s SWFs: Next Targets of Calls for Greater Transparency?

China’s SWFs: Next Targets of Calls for Greater Transparency?

On March 5, China announced that it was increasing its defense budget for 2014 by 12.2 percent over the 2013 level, to $131 billion. Analysts and diplomats greeted the news with complaints that Beijing’s disclosures about its military spending are unduly opaque and often low-ball the actual defense budget by not including many weapons programs. […]

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China’s FX Reserves: Eight Questions on the Macroeconomic ‘Mechanics’

China’s FX Reserves: Eight Questions on the Macroeconomic  ‘Mechanics’

In mid-January, the People’s Bank of China (PBoC) announced that its foreign exchange reserves had grown by a breathtaking $157 billion in the fourth quarter of 2013. That influx of reserves brought annual growth for 2013 to $508 billion (the largest calendar-year increase ever) and pushed the total amount of China’s reserves toward the $4 […]

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Trade-based Money Laundering: New Impetus for an Old Threat

Trade-based Money Laundering: New Impetus for an Old Threat

The phrase “money laundering” conjures images of suitcases crammed with $100 bills being snuck across the border by a drug cartel courier, and funds being wired into and out of bank accounts in a dizzying series of globe-circling transactions. Those are apt examples of two of the three main methods of scrubbing clean illicit funds […]

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Ukraine: Time for Bold Magnanimity from EU

Ukraine: Time for Bold Magnanimity from EU

  The European Union should provide Ukraine with the trade benefits it would have realized had Russian pressure not prompted the government of President Viktor Yanukovych to announce on November 21 that it would not sign a long-anticipated Association Agreement with the EU. That announcement set off not only pro-EU protests in the streets of […]

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High Frequency Trading: A High-Profile Target Once Again

High Frequency Trading: A High-Profile Target Once Again

High frequency trading (HFT) of securities has become a high-profile target on both sides of the Atlantic in recent weeks. On September 2, Italy began imposing a tax of 0.02 percent on many order changes and cancellations that occur within 0.5 seconds of the original order. Later that month, the managers of the world’s largest […]

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Aspiring Entrepreneur? Then Go East, Young Man (or Woman)

Aspiring Entrepreneur? Then Go East, Young Man (or Woman)

  Singapore is the easiest place in the world for small- and medium-sized domestic companies to do business, with Hong Kong and New Zealand trailing immediately behind, and Malaysia and South Korea rounding out the Asia-Pacific region’s representation in the top 10, according to a World Bank study released late last month. The institution’s “Doing […]

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Some Realities Behind China’s Call for a “De-Americanized World”

Some Realities Behind China’s Call for a “De-Americanized World”

  How serious is China about “the introduction of a new reserve currency to replace the dominant U.S. dollar,” one of its proposed steps for creating the “de-Americanized world” that the official Xinhua news agency called for in the run-up to the denouement-cum-deferral of the U.S. fiscal crisis? American commentators’ responses have ranged from the […]

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A Money Showdown, Moscow-Style, and Its Potential Consequences

A Money Showdown, Moscow-Style, and Its Potential Consequences

  As President Obama clashes with Congress over spending authorizations and debt ceilings to keep funds flowing outward from the U.S. government, his counterpart in Moscow is celebrating a victory that has brought lawmakers’ own money flowing back into Russia. Six weeks ago, just as Washington’s budget battles began heating up yet again, Russian lawmakers […]

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Would the 9/11 Hijackers’ Money Trail Raise Red Flags in Today’s System?

Would the 9/11 Hijackers’ Money Trail Raise Red Flags in Today’s System?

  If terrorists entered the U.S. today to conduct a 9/11-scale attack and used the same money-movement methods employed by the hijackers in 2001, it is “possible, but not probable” that their financial activities would bring them to the attention of intelligence and law-enforcement officials. That’s the assessment of Dennis M. Lormel, who led the […]

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Attracting FDI: Openness Helps, But Opportunity Rules

Attracting FDI: Openness Helps, But Opportunity Rules

    If a country had the most-restrictive regulations on foreign direct investment (FDI) of 55 nations studied, where do you think it would rank among those nations in terms of actually attracting investment from abroad? If you said “First,” you obviously would be flaunting conventional economic theory and engaging in highly counter-intuitive speculation. Further, […]

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Some Good News (Seriously) About U.S. – Russian Relations

Some Good News (Seriously) About U.S. – Russian Relations

Trying to say something upbeat about U.S.- Russian relations this week entails the same risks as going to a wake intent on offering words that will cheer up the deceased’s widow. The observation that, “At least you won’t have to put up with his snoring anymore” may be accurate enough, but in the grand scheme […]

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What “Extending a Hand to the Poor” Too Often Really Means

What “Extending a Hand to the Poor” Too Often Really Means

  The Irish playwright Brendan Behan once opined that, “I have never seen a situation so dismal that a policeman couldn’t make it worse.” Behan was hardly an unbiased commentator, having misspent his youth in activities that assured a mutual antipathy between the literary giant and the law enforcement community, but the findings of Transparency […]

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About the Author

Tom Garry
Tom Garry

Tom Garry is an analyst and writer who examines how capital flows affect everything from the stability of Euro-zone governments to the basic needs of families in developing nations, and from the bankrolling of terrorist organizations to the redistribution of power in our multi-polar world.

He has a master’s degree in financial economics from the University of London’s School of Oriental and African Studies, where his thesis focused on the exchange-rate policies of Latin American countries, and a master’s in political science from American Military University, where his thesis examined resurgent Russian influence in the Eastern European nations of the former Soviet Union. He received his bachelor’s degree in international relations from American Military University.

When he’s not “following the money,” Tom’s other areas of focus extend from business marketing and consumers’ financial decision-making to religion, governance, and diplomacy.

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