Yet another example of why Hong Kong under the British were wise never to publish any balance of payments statistics. As soon as you do that people start worrying about them, wanting to keep them under control and stop them from getting too high.
Published in Business Spectator (Melbourne), 9 April 2015
Since March 30, former Federal Reserve chairman Ben Bernanke has been blogging on economic policy for the Brookings Institution, where he is a Distinguished Fellow in Residence. His first posts dealt with questions such as why interest rates were so low, the thesis of a ‘secular stagnation’ and the global savings glut. It was all very interesting but somehow lacking a bit of punch.
But then, on day five of his blog, Bernanke finally singled out a real villain for the world economy: A country that allegedly posed a great danger to its neighbours and whose policies jeopardised chances of a global economic recovery.
Bernanke was not writing about debt-ridden Japan or Greece, nor was he discussing reform-shy Brazil or Italy. Instead, Bernanke made Germany the target of his criticism. “Germany’s trade surplus is a problem,” his headline claims.
Bernanke’s blog post
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Utopia, you are standing in it! 
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