Zounds! Hacked again!

I apologize to those who have submitted comments but for the past nearly four weeks I have been unable to enter into my blog as editor, which means that I have been able neither to post new entries nor to approve comments. I finally regained control last night and tried to approve all the legitimate comments, but they were buried among over 6,000 spam comments so I may have missed a few. Again, sorry for that.

For those who are interested, apparently my blog was seized by someone who used it to send out span comments of his own. I have just subscribed to a new security service which means, as far as I can understand these things, that this is unlikely to happen again. This is all very frustrating, especially since my last entry had set off what for the most part had been a very cool discussion in the comments section, and of course that discussion has been truncated. I am sure, however, the topic of inequality will rear its head in discussion around future blog entries.

 

 

12 Comments

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  1. Michael,

    Glad to hear it wasn’t anything worse! I have been checking in regularly and wondering what happened. Your last entry has really changed the way I think about income inequality, no one had explained that lucidly. Since that post Thomas Piketty’s book has started a worldwide discussion on inequality, data on China is signalling weakness, and the World Bank thinks China has the largest economy on a PPP basis. I can’t wait to read your take on these things. It’s good to have you back

    • Thanks, Rhamey, and I want to stress that what I wrote is not some obscure theorizing but is rather pretty well-established, if not widely recognized.

  2. Do you know how your blog is being compromised?

  3. Welcome back, prof. Pettis ! I was concerned for your blog; less so for your health, as I have recently found your article “The War Between Workers and Bankers” on Carnegie’s website. Amongst the spam you received in the meantime, there was my following email, which you might find worthy of a brief reply :
    quote
    I’m an old (I mean aged, hence a little confused) reader of your blog and books, and I particularly value your knowledge in the field of global imbalances.
    What puzzles me most of late is the poor performance of Japan’s trade balance. I mean, after three years when the yen lost over 20 pct of its value vis-a-vis other major currencies, Japan’s trade balance has been recording ever-greater deficits. How come ?
    Various reasons have been put forward by a number of commentators, starting from the halt to nuclear plants post-Fukushima and attendant increase in gas/petroleum imports, going through the government’s fiscal and monetary stimuli feeding through into additional demand for imports, to the alleged inability to react to the more-favourable exchange rate on the part of a manufacturing sector previously enfeebled by widespread offshoring to cheaper countries.
    I found your explanation of trade imbalances as distorsions in the relation between savings and investments very convincing. How could one put the poor performance of Japan into that frame ?
    Might it be that the pull tentatively exercised on exports by the yen weakness is being countered – more than offset, indeed – by the push on aggregate demand (“dissaving” if you will) prompted by all that fiscal expansion and QE also known as Abenomics ? In other words, the balancing action that a weaker exchange rate could exert on the savings/investments relation would be undone by the counteraction of massive savings-depleting government interventions.
    Irrespective of my above ruminations, I really would love to know whether you have made up your mind and how you explain the Japan Enigma.
    Should you have written about the topic already, I would be obliged if you could direct me to where you posted your comment.
    Anyway, please be patient, I’m old and absent-minded.
    Unquote

  4. I do not know whether it’s just me or if everyone else experiencing issues with your blog.
    It appears like some of the written text within your content are running off the screen.
    Can someone else please comment and let me know if
    this is happening to them too? This may be a issue with my web
    browser because I’ve had this happen before.
    Thank you

  5. Professor Pettis,
    Can you help me understand why China’s fx reserves continue to grow despite capital flows reversing at the beginning of the year and the currency weakening (popping of the carry trade)?
    It seems like it should be a drain on reserves. Also I would have thought it would have negative effects for the EURUSD but EUR has actually strengthened. Any thoughts?

  6. Yes, It must be frustrating with all the good effort you made and the interesting debate generated by your latest entry,. This won’t change my mind: your blog is a must read for me.

  7. Michael,

    The amount of hacking of your blog seems atypical. Is this perhaps due to the nature of the content, or your IT support?

    Regards,
    Gary

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