Opinion is divided as to whether the current massive downturn in private digital currencies and related services represents a necessary and
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A Bond Phoenix Rises from the Ashes
Bonds are out of favor. But perhaps not for long.
Inflation as a Political Power Play Gone Wrong
A half-century long strategy, led by corporations, Wall Street, governments, and central banks, is coming undone. As a result, the West’s
Why the US Federal Reserve’s Options Are Limited
The US Federal Reserve’s Federal Open Market Committee ought to announce a rate increase that is large enough to bring its policy rate
Economic Consequences of a Ukraine Peace
The demand that Russia pay reparations for its unprovoked war in Ukraine is morally compelling. But Russia would be less likely to reconcile
Don’t Bet on a Soft Landing
With “Team Persistent” having clearly prevailed over “Team Transitory” in the debate over the nature of today’s surging inflation,
The Case for Nordic and NATO Realism
To be a realist in international relations is to accept that some states are more sovereign than others. “Strict realism” now requires
A Better Globalization Might Rise from Hyper-Globalization’s Ashes
With the end of post-1990s hyper-globalization, scenarios for the world economy run the gamut. In the best case, achieving a better balance
When Does Inflation Stop?
To understand the increase in consumer price inflation around the world, one must look not only at supply and demand but also at the wedge
Friends Without Benefits
By calling for supply chains to be shifted away from strategic rivals, US Secretary of the Treasury Janet Yellen has implicitly rejected the
This Inflation Is Demand-Driven and Persistent
Although inflation has risen sharply for multiple reasons, increased demand is by far the most important factor. The common argument about
The Dollar’s Reserves of Strength
The US-China trade war and the recent freezing of much of Russia’s official foreign-exchange reserves have again raised fears of an exodus
The End of the “Global Savings Glut”?
Regardless of whether America’s persistent current-account deficits really can be explained primarily by the accumulation of excess
Can the World Afford Russia-Style Sanctions on China?
Many academic studies suggest that sanctions on China or a break in Sino-American economic ties probably would have a smaller quantitative
Russia Is Finished as a Major Energy Power
In the wake of Vladimir Putin’s invasion of Ukraine, no European in their right mind wants Russia to have the free cash flow that its
Madeleine Albright’s Potent Legacy for Women
Madeline Albright made it her life’s work to fight for women.
China’s Time for Global Leadership
In the past 40 years, no country has benefited more from globalization than China. Now, as Russian President Vladimir Putin’s appalling
Can Sanctions on Russia Work Without China?
As the conflict in Ukraine escalates, the growing calls to tighten the economic blockade against Russia are perhaps understandable. But China
The Global Struggle for Democracy Is in Ukraine
Russia’s military assault on Ukraine caps a period of political attacks on democracy around the world. One must therefore hope that the
Russia – How Did it Come to This?
What could possibly salvage the wreckage that remains of Russia’s botched transition from communism to a pluralist market economy?
No, Prices Won’t Stabilize in 2022
Inflation is a monetary phenomenon. Get used to it. It won’t fade away anytime soon.
The False Narrative of Elitism
In our love and hate of elites exists the false belief that some group is at fault for whatever ails us collectively.
Reject Indifference
Dreamers and innovators need hope the way others need oxygen, and it is our job to support them accordingly.
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.