In September 2008, when Chinese President Hu Jintao got word that Lehman Brothers, then the fourth-largest U.S. investment bank, was on the verge of bankruptcy, he was traveling by van along the bumpy roads of Shaanxi Province. Surrounded by policy advisers and members of the Politburo, Hu asked them how China should respond to the inevitable spillover.
Two months from now, the U.S. Congress may shutter a government agency that, in the past six years, has supported more than 1.3 million American jobs and generated more than $2 billion in deficit-reducing profits.
At a 2013 conference held by The Economist in New York, business and policy leaders debated whether talented university graduates should join Google or Goldman Sachs. Vivek Wadhwa, a serial entrepreneur, spoke up for Google. “Would you rather have your children engineering the financial system [and] creating more problems for us, or having a chance of saving the world?” he asked.
For many who arrived in Moscow in recent decades, the city had an almost narcotic effect. In the vacuum created by the Soviet collapse, unabashed opportunism and a limitless sense of the possible became the closest thing the wounded country had to a collective ideology.
Once upon a time, smart people thought the world was flat. As globalization took off, economists pointed to spreading market forces that allowed consumers to buy similar things for the same prices around the world.
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the United States should empower the International Monetary Fund and Group of Twenty to better address currency manipulation concerns.
Eurozone finance ministers meet in Luxembourg to negotiate a deal between Greece and its creditors before its International Monetary Fund debt repayment deadline at the end of June. Greece's membership in the eurozone hangs in the balance. CFR senior fellows Robert Kahn and Sebastian Mallaby will discuss the options the finance ministers might consider and their potential ramifications.
In his testimony before the House Foreign Affairs Subcommittee on Asia and the Pacific, Jerome A. Cohen argues that China would benefit at home and abroad by demonstrating increasing respect rule of law, while the United States, by striving harder to set a good example, could do much to improve not only its own society but also its standing in China and the world.
Five years after the onset of its sovereign debt crisis, Greece once again finds itself on the precipice of default and a departure from the nineteen-member eurozone. This reading list provides expert background and analysis of the crisis.
Benn Steil’s op-ed explains how the mechanics of implementing Federal Reserve monetary policy have changed radically since the crisis. Little known is that the new plumbing is not actually controlled by the FOMC, but by the much smaller Board of Governors. Given that the Board is decidedly more dovish than the FOMC, Fed watchers focused on the latter may be expecting a more aggressive timing and pace of rate rises than is likely.
Learn more about CFR’s mission and its work over the past year in the 2015 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass. Read and download »