In Istanbul with 157 students and such a great staff team – it gets better and better. I hope is being good for the students and certainly many seem hugely stimulated though it is easy to be rose-tinted. Today, by that wonderful tendency of modern networking, we made contact with Orhan Esen, Teresa and I spent some time with him and we are having a talk from him on Tuesday morning – our last day.

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China / exchange rate

Today’s papers report that the people’s republic has announced that it will re-consider putting all its reserves (growing at USD 15bn / month) into USD securities. This seems very important and could really…..

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