Comparisons between today’s China-US tensions and the Cold War are often superficial and misleading. But reviving the maxim that underpinned
The Trust-but-Verify Path to Net Zero
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Politics
Biden’s Misery Index
Historically, the Misery Index – the sum of the unemployment and inflation rates – has offered a sound benchmark for assessing an incumbent
Reject Indifference
Dreamers and innovators need hope the way others need oxygen, and it is our job to support them accordingly.
America’s Not-So-Great Inflation
The acceleration of US inflation in recent months has led many alarmed observers to point to parallels with the 1970s, when commodity prices
Realism About Foreign-Policy Realism
In a world of sovereign states, foreign-policy decisions naturally should account for national interests and the broader balance of power.
Banks and the Green Leap Forward
By imposing stricter capital requirements on fossil-fuel lending, governments and banking regulators can help to redirect a huge flow of funds
The Fed’s Wary Embrace of Digital Dollars
It is not difficult to fathom why the United States’ central bank is especially resistant to any quantum change in the existing financial
The South China Sea’s Environmental Crisis
The environment is rarely served by great power politics. China’s territorial ambitions in the South China Sea are hastening the destruction
Guns and Shots
Pandemic control and gun control offer important, and overlapping, lessons.
How China Views the Ukraine Crisis
China is watching the Ukraine crisis closely. It is a test of America’s resolve, and it could have important implications for geopolitical
A Whiff of Munich
With the United States and its NATO allies seeking further negotiations to prevent Russia from invading Ukraine, many have been quick to invoke
Investors Must Tackle Vaccine Inequity
It is time for investors to demand that boards of directors of pharmaceutical companies are held accountable to doing the right thing to reduce
Why Did Almost Nobody See Inflation Coming?
Forecasting inflation is a staple of macroeconomic modeling, yet virtually all economists’ predictions for the United States in 2021 were
Regime Change in the Global Economy
Growth theory doesn’t make for pleasant reading these days. Indications point to challenges ahead.
A Bad Year for Markets?
Market fundamentals are shifting from tailwinds to headwinds. Investors ought to prepare for more volatile conditions.
The Power and Poison of MMT
Modern Monetary Theory (MMT) is misunderstood by its defenders and detractors. Elements of it can be useful, others are dangerous.
America’s Democratic Future
Demographics are friendly to Democrats. But without safeguards to voting rights, majorities may not matter.
Crime in Suites and Suits
The dramatic securities fraud trial of Elizabeth Holmes is front and center in the news. Yet, it is just another episode in the long history
The ECB’s Savvy Gradualism
Unlike the US Federal Reserve, the European Central Bank has no fiscal backstop and must worry about the cohesion of the eurozone, in addition
Is Capital Eating Labor’s Lunch?
Is labor really getting a raw deal? Measured properly, the evidence is not as grim as some suggest. Looking ahead, productivity remains paramount.
Why the Fed Must Tighten
The Fed at risk of losing their credibility as guarantors of price stability unless they now respond to inflation.
The Ghost of Christmas Inflation
In a pandemic, you can send people all the money in the world and they still won’t go out to dinner or book a flight, especially if those
History’s Barriers to European Joint Security
Although France and Germany are more reliant on each other than ever, the two heavyweights at the heart of Europe still have vastly different
Does Japan Vindicate Modern Monetary Theory?
For decades, the Japanese government has amassed more and more debt without triggering higher borrowing costs or inflation. But there is no