Benn Steil's January column in Dow Jones' Financial News argues that the monetary forces behind the crashes of 1929 and 2008 were very similar. In the 1920s, as in the mid-2000s, Fed officials mistakenly thought that they had found, in the practice of trying to stabilize a price index, the holy grail of monetary policy. In consequence, central bankers are once again grasping for a new orthodoxy.
Joshua Zumbrun writes that despite Federal Reserve Chairman Ben Bernanke's early mistakes, the Senate Financial Committee is rewarding the central banker with a new term. Zumbrun contends that the committee owes Bernanke for doing their "dirty work."
Speaker: Robert E. Diamond Presider: Maria Bartiromo
This meeting is part of the CEO Speaker Series. This series provides a forum for leading global CEOs to share their priorities and insights before a high-level audience of CFR members. The series aims to educate the CFR membership on the private sector's important role in the policy debate by engaging the global business community's top leadership. Members benefit from hearing CEOs' perspectives as well as interacting with them in an informal setting; in turn, CEOs have the opportunity to highlight the work of their organization and strengthen their relationship with CFR.
China's breathtaking economic growth and massive imbalances with the United States have given rise to some myths about the nature of the two powers' relationship that can impede sound policymaking, writes CFR's Steven Dunaway.
Morgan Stanley executive Stephen Roach says China's undervalued currency is a "red herring" in the debate over global imbalances and that policymakers should instead focus on China's social safety net and boosting U.S. savings.
In this CGS/IIGG Working Paper, Jeffry A. Frieden reviews the historical record on the political fallout from the unraveling of macroeconomic imbalances. He warns that the coming adjustments may test the capacity of national governments and international institutions to maintain an open international economic order.
The Council on Foreign Relations' David Rockefeller Studies Program—CFR's "think tank"—is home to more than seventy full-time, adjunct, and visiting scholars and practitioners (called "fellows"). Their expertise covers the world's major regions as well as the critical issues shaping today's global agenda. Download the printable CFR Experts Guide.
The authors argue that the United States has responded inadequately to the rise of Chinese power and recommend placing less strategic emphasis on the goal of integrating China into the international system and more on balancing China's rise.
Campbell evaluates the implications of the Boko Haram insurgency and recommends that the United States support Nigerian efforts to address the drivers of Boko Haram, such as poverty and corruption, and to foster stronger ties with Nigerian civil society.
Learn more about CFR’s mission and its work over the past year in the 2014 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 »