The formula for strong global growth appears to be (an) "undervalued Chinese RMB, high oil prices and a growing US current account deficit financed by the central banks of really poor countries and a few really rich oil sheiks. The formula is just so counter-intuitive that it took a long time to discover..."

So for how long will this last? Will there be a soft-landing or a hard-landing? This is important
(ed: Ain't you self-absorbed?!) because I'm contemplating MBA school --and the associated loans -- in 2007!

Thanks to Brad DeLong for the pointer!