Op-Eds

Published opinions and arguments by CFR fellows and experts.

Bernanke Should Follow the Advice He Gave to Japan

Authors: Benn Steil and Dinah Walker
Wall Street Journal

Benn Steil and Dinah Walker explain why the Fed's massive holdings of mortgage-backed securities (MBS) are distorting its thinking about the conduct of monetary policy going forward. They propose a novel plan to rectify this, in which the Fed swaps its MBS with the Treasury in return for Treasury securities, which the Fed can sell as part of a normal "exit" from monetary stimulus.

See more in United States, Economics, Financial Crises

Bringing It All Back Home

Author: Richard N. Haass
Time Magazine

Only by getting its own house in order will the United States be in a position to set an example other societies will want to emulate, argues CFR President Richard N. Haass. And only by fixing itself will the United States possess the resources necessary to discourage or deal with the emergence of a serious political and military competitor.

See more in United States, Arms Industries and Trade, U.S. Strategy and Politics, Foreign Policy History, Grand Strategy