The View From Argentina

The View From Argentina

Argentina is in crisis. The pandemic had turned a bleak story into something worse. The country may shortly default on its national debt for the ninth time in its history, with far-reaching consequences. But there is still hope. Continue Reading

The Future of Global Power

The Future of Global Power

Although the Sino-American rivalry was escalating long before the COVID-19 crisis erupted, it has since been thrown into overdrive. But while both countries are pursuing a zero-sum vision of the future, only one is doing so with a long-term strategy. Continue Reading

The Big Thing

The Big Thing

The Big Thing explains the Covid-19 crisis through the eyes of a 5 year old girl, and teaches children about the idea of silver linings and how to find them in their changed lives. Continue Reading

The Deadly Urgency of Now

The Deadly Urgency of Now

The consequences of lapses in international cooperation in combating COVID-19 over the last few months can now be counted in lost lives. Having failed to stop the first wave of the pandemic, we must not make the same mistake again. Continue Reading

What the Stock Market Is Really Saying

What the Stock Market Is Really Saying

The seeming confidence expressed by global equity markets in the face of the COVID-19 pandemic has surprised many – including many market participants. But a closer look reveals an unambiguous message: The global economy is facing a long, deep malaise, followed by a “new normal” of reduced earnings and profitability for all but a chosen few. Continue Reading

Pandemic Panics

Pandemic Panics

The global overreaction to the coronavirus outbreak has once again exposed a lack of preparedness to use the knowledge and tools already at our disposal. Until we provide the same funding and respect to public health and science agencies that we extend to the military, the costs of the war with pathogens will remain unnecessarily high. Continue Reading

Germany’s Crisis of the Right

Germany’s Crisis of the Right

The resignation of Annegret Kramp-Karrenbauer, the leader of Germany’s Christian Democratic Union and Chancellor Angela Merkel’s designated successor, has plunged the party into crisis and raised fresh doubts about the survival of the country’s ruling coalition. The biggest beneficiaries of the current chaos may well be the Greens. Continue Reading

Outlook 2020

Outlook 2020

What it means—in plain English In 2020 the world economy is likely to extend its longest expansion on record. Inflation has defied forecasts by staying low. Don’t count on that changing anytime soon. The biggest risks are political, not economic. Partly, that reflects a resilient world economy. Mostly, it reflects the potential for harm wrought… Continue Reading

When Protection Does Harm

When Protection Does Harm

Yellowstone is America’s first national park. Today, after almost 150 years in existence, it is one of the largest nearly intact ecosystems on the planet. Teams of park rangers and ecologists carefully guard it from damaging invasive species and it is a great example of how humans can draw a boundary around something for its… Continue Reading

Equity-market smiles don’t have to become frowns

Equity-market smiles don’t have to become frowns

Originally published at Bloomberg.com | February 27, 2018 As 10-year Treasury yields climb, investors are fixated on 3 percent, a level where many fear an equity market meltdown. Yet that threshold has no fundamental relevance. Instead, investors should try to understand why yields are rising, and draw the right investment conclusions. A common misconception is… Continue Reading

Is It Time for Global Money?

Is It Time for Global Money?

Originally posted on Project-Syndicate.org | November 11, 2015 With the world more economically and financially integrated than at any time since the late nineteenth century, a global central bank and a world currency would make more sense than our confusing, inefficient, and outdated assemblage of national monetary policies and currencies. But it couldn’t work –… Continue Reading