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Barry Ritholtz on the, ahem, efficient market.

Whither goes the renminbi… 

Brad Setser on the possible devaluation of the renminbi. I still marvel that I can get thorough analysis like this straight from real experts rather than mediated by the Financial Times or The Wall Street Journal.

Could Arnold be up in the High Court?  

Maybe I missed something, but I find it odd that I’m in California but I only read about a Schwarzenegger libel case on the BBC.

It could go to trial in London this autumn, apparently. My advice to the governor: you don’t want to face a libel action in English courts. Libel law is a mess in England, with a presumption on behalf of the plaintiff and few of the protections US libel law offers to public figures.

Libel is such a soft touch for plaintiffs in England (I say England rather than Britain because Scotland has its own court system) that plenty of people “jurisdiction shop” to lodge an action there. There have been far more tenuous connections to England than in this case.

The one consolation for Schwarzenegger is that damages, should he lose, will be assessed not on the global damage to Anna Richardson’s reputation but only on the extent to which she suffered loss in the UK. Since the alleged libel was published by the Los Angeles Times, which is available in the UK through its website, I can’t imagine the damages locally were that great.

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