Some time ago, I posted an article entitled "The Dollar and Sanity," predicting problems with the persistent current account deficit. Thanks to Max Sawicky's blog, I've been reading a Keynesian economics blog by Thomas Paley, "Economics for Democratic and Open Societies," which seems to me to be a sensible series of macroeconomics commentaries well worth reading. The article that inspired this post, "Two Views About a Possible U.S. Hard Landing: Foreign Flight versus Consumer Burnout," is a more sophisticated approach to the current account and the domestic economy than my previous article, although I think most economists are underestimating the eventual effect of peak oil.

Paley was formerly Chief Economist of the US – China Economic and Security Review Commission. Prior to joining the Commission, he was Director of the Open Society Institute’s Globalization Reform Project, and before that he was Assistant Director of Public Policy at the AFL-CIO. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University. He's a "heavy."