Fifteen years ago, I found it easy to be in favor of international capital mobility — the free flow of investment financing from one country to another. Then it was easy to preach for an end to all systems of controls on capital that hindered this flow. Now it is harder.

Is the U.S. vulnerable to a full-blown dollar crisis? Why are international finance economists scared and jittery, but domestically-oriented macroeconomists much less concerned?

Bradford Delong and Konstantin Magin remind us that a decade ago, many thought the stock market overvalued, and yet on balance the last decade has been good for investors who bought and held. What does this tell us?

Fifteen years ago, I found it easy to be in favor of international capital mobility -- the free flow of investment financing from one country to another. Then it was easy to preach for an end to all systems of controls on capital that hindered this flow. Now it is harder.

Stocks have had a very bad decade, but for Brad Delong that is all the more reason to buy and hold.

Bradford Delong and Konstantin Magin remind us that a decade ago, many thought the stock market overvalued, and yet on balance the last decade has been good for investors who bought and held. What does this tell us?

Is the U.S. vulnerable to a full-blown dollar crisis? Why are international finance economists scared and jittery, but domestically-oriented macroeconomists much less concerned?