Today s big surplus countries do not need large reserves.

For surplus countries that want to accumulate reserves, it would reduce exchange rate risk.

Latin America will finish 2007 with a current account surplus and growing foreign currency reserves, insulating them from financial crisis.

But if exports continue to grow in the absence of consumption led import growth, distortions occur and the trade surplus and foreign reserves increase.

China s purchases of American debt effectively transferred the official reserves gained via China s trade surplus back to the US market.

Second, China s fiscal surplus, growing foreign exchange reserves, and high savings rate have ensured the financial resources needed to maintain adequate investment and sufficiently rapid growth.

As long as US assets were attractive to residents of surplus countries (or there was an acceptable chain of investments from surplus countries that ended in the US), these accumulations of reserves were sustainable.

Japan, with a surplus of saving, a strong currency, massive foreign exchange reserves, and factories without domestic orders, should take the lead in providing this funding for infrastructure.

Seen in this light, China s spectacular economic success including the world s largest trade surplus and foreign currency reserves owes much to US policy from the 1970 s on.

Africa s natural gas reserves amount to about 8 of global reserves.

We have rich reserves of gas and coal.

For Global Growth and Stability, Mobilize the Reserves

Now it has a surplus.

China's current account surplus and export growth have, indeed, fallen.

Call In the Reserves

In the third quarter of this year, China s foreign exchange reserves increased by 194 billion, which far exceeded the country s 66 billion trade surplus and 23 billion in inflows of foreign direct investment.

Partly by design and partly by chance, about a decade ago China found itself consistently accumulating large amounts of foreign reserves by running a trade surplus and intervening to buy up the dollars that this generated.

Partly by design and partly by chance, about a decade ago China found itself consistently accumulating large amounts of foreign reserves by running a trade surplus and intervening to buy up the dollars that this generated.

The US current account deficit and the Asian surplus will shrink.

Covering this drop in reserves more than half of gas reserves and a fifth of oil reserves have been consumed with imports implies an annual cost of more than 300 billion.

Reserves are like savings accounts.

Our forests and reserves are already being polluted very severely.

That's the second half of cognitive surplus.

Who gets to pocket this team surplus ?

Africa has a surplus of agricultural labor and too few other jobs.

Saudi Arabia also has a bilateral and multilateral surplus Americans want its oil, and Saudis want fewer US products. Even in absolute value, Saudi Arabia s multilateral merchandise surplus of 212 billion in 2008 dwarfs China s 175 billion surplus as a percentage of GDP, Saudi Arabia s current account surplus, at 11.5 of GDP, is more than twice that of China.

Their international reserves would decline and or their debt would rise.

Parks and nature reserves make up 12 of Amsterdam's land area.

Certainly, oil reserves are not infinite.

Nine months ago, Greece had a budget surplus and prospects for economic growth.

President Bush's tax cut, however, squandered the surplus.

This only fed the run on deposits and drained foreign exchange reserves.

But, while the buildup of reserves currently around 7.6 trillion in emerging and developing economies protected them, money going into reserves was money not spent.

Second, countries with large accumulations of dollar reserves will be shifting substantial fractions of those reserves into euros.

Instead, China s reserves mostly underwrite America s debt.

It has 10 of global oil reserves.

The commercial banks could sell Treasury bills and longer term bonds to the Fed, receive reserves in exchange, and earn a small but very safe return on those reserves.

During the last few months Russia s international reserves have grown sharply, as one would expect of a country with a staggering trade surplus of 33 billion this year and which is likely to surge to over 40 billion this year.

But the impact will extend beyond the surplus countries.

Clay Shirky How cognitive surplus will change the world

Drastic price drop causes shortage instead of massive surplus.

So China continues to run a giant trade surplus, and the US continues to spend and borrow.

On the contrary, it is still home to massive oil and gas reserves.

This makes the renminbi chronically undervalued and assures China of a persistent large trade surplus.

China s trade surplus peaked at 300 billion in 2008, and has been declining ever since.