Once viewed as an unparalleled opportunity, the Chinese miracle is now being viewed as a threat by both the U.S. and Japan.

As the prospects of a full-blown oil shock rise, the prospects of outright global recession in 2005 loom more and more likely.

Sound the alarm, it's Allan McMahon!

Mine didn't even rhyme, ... But I loved him. He was a great man. I miss him. Put that in, will you.

With global trade screeching to such a standstill, so, too, should the external demand contributions of most major economies around the world.

[Inflation] is starting to broaden out; it's starting to move up a little bit, ... The Fed certainly has to be concerned about that.

The same distortions, in my view, could well be explaining a lot of the recent strength in the remainder of the U.S. data flow. If that's the case, all it will take is for the weather to return to normal and the seasonally adjusted data will fall like a stone.

In my view, the perils of another burst asset bubble far outweigh the costs of another recession.

By staying disciplined with regard to inflationary policy, the Fed nips any inflationary expectations in the bud.