The first authoritative history of hedge funds; from their rebel beginnings to their role in defining the future of finance.

China seems to want the yuan to dethrone the dollar as the global reserve currency. But don't expect China's currency to take over anytime soon.

Drawing on some 200 interviews, including twenty hours of discussions with World Bank President James Wolfensohn, Washington Post editorial columnist and Director of the Council's Center for Geoeconomic Studies Sebastian Mallaby takes readers inside the world's premier development institution.

Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics, says Greece is nearing a turning point in its debt crisis. Mallaby predicts that "Greece is going to have to default, it's going to have to be restructured in its debt," and argues that policy-makers need to "prevent the fire from spreading out of Greece and causing trouble all across the eurozone."

Sebastian Mallaby urges the European Central Bank to be bold in its bond purchases rather than insisting on deals with numerous strings attached.

Sebastian Mallaby is unconvinced by the thesis of Jeff Madrick's Age of Greed, a history of American banking since the 1970s.

A tentative agreement on raising the debt ceiling falls far short of the deep reforms needed to improve U.S. spending patterns and the country's global standing, writes CFR's Sebastian Mallaby.

Sebastian Mallaby suggests that the European Central Bank could stem contagion by taking a cue from the Federal Reserve.

A new proposal by the bipartisan "Gang of Six" to reduce deficits by nearly $4 trillion could gain traction among House Republicans, with polls showing greater public support for raising the debt ceiling as the August 2 deadline approaches, says CFR's Sebastian Mallaby.

Sebastian Mallaby explains how declining U.S. economic strength is eroding U.S. military pre-eminence.

Gridlock over raising the debt ceiling has already tarnished Washington's image and failure to address the problem in one month could cause enormous global financial upheaval, writes CFR's Sebastian Mallaby.

Greece's government escaped a no-confidence vote, but the crisis over its massive sovereign debt continues to shake the eurozone. CFR's Sebastian Mallaby says there are no easy solutions and matters may be coming to a head.

Sebastian Mallaby wants regulators to show more courage by demanding higher capital requirements for large banks.

A mix of extraordinary global events, historically dismal household prices, and government spending pressures have contributed to the gloomy U.S. May jobs report and point to more tough times ahead, writes CFR's Sebastian Mallaby.

Sebastian Mallaby contends Christine Lagarde's bid to run the International Monetary Fund will endanger the legitimacy and independence of the institution.

What are the implications for U.S. global competitiveness of running large budget deficits, and what should be done to reign in the fiscal shortfall? Five experts provide their take on the risks and recommend solutions.

Sebastian Mallaby argues that it is not too late for the U.S. to get a grip on its debt — and to limit its vulnerability to foreign rivals.

Sebastian Mallaby criticizes the IMF for endorsing capital controls.

The deal to avert a government shutdown may provide some desperately needed momentum for U.S. political leaders to take on the country's debt and deficit crisis and restore its global fiscal reputation, writes CFR's Sebastian Mallaby.

Sebastian Mallaby says that a government shutdown could undermine the dollar's reserve currency status and thus reduce the United States' ability to project power.

Sebastian Mallaby says Japan's tragedy underlines the advantages of central banking.

Despite turbulence in financial markets, Japan's multiple disasters will likely not have a major global economic impact, and reconstruction will provide a boost to the Japanese economy in the long term, says CFR's Sebastian Mallaby.

The White House's proposed budget for FY2012 tries to balance spending cuts with investment to boost competitiveness. CFR experts examine how well it handles deficit reduction, defense, foreign aid, and spurring innovation.