Benn Steil’s latest op-ed in The Weekly Standard examines Paul Krugman’s continuing calls for fiscal stimulus, as well as his defense of government wage intervention and mercantilism. These have all been grounded in the assertion that the United States is in a “liquidity trap,” in which monetary policy is ineffective. Steil explains why the theory of liquidity traps is logically inapplicable when the central bank’s policy rate is positive, as it has been in the United States since December, and concludes that it operates as a fig leaf behind which to advocate policies with less scientific rationales.
Benn Steil’s op-ed in the March 30 edition of the Wall Street Journal, co-authored with Emma Smith, looks at presidential campaign charges that China is engaged in “currency manipulation” to boost net exports. They show that the aims of China’s pegged exchange rate regime have varied over the past two decades, and have not always been mercantilist. In recent months, with capital flowing out of China at a prodigious rate, its interventions have been to keep its currency up—not down. Launching a trade war with China over currency management, as Donald Trump and Bernie Sanders intend, would therefore be nonsensical—as well as damaging to U.S. interests.
For over six decades, the United States and Pakistan have suffered through a tormented and often tumultuous relationship, one defined at its apex by wartime alliance and at its nadir by stiff U.S. sanctions. In many ways, the period since 9/11 has mirrored that longer history, with expectations inflated and dashed, overblown rhetoric, and in the end, more frustration than satisfaction.
Africa’s largest economy is struggling to find its feet. Sliding oil prices threaten to derail President Muhammadu Buhari’s efforts to put Nigeria’s public finances back in order, fund planned infrastructure spending, and field much-needed social programs.
The entire world was surprised when, at the end of September 2015, Vladimir Putin suddenly started moving Russian aircraft, tanks and troops into Syria. At the time, President Obama predicted the Russian intervention would fail.
Russian President Vladimir Putin’s surprise announcement that he is pulling Russian forces out of Syria will be greeted skeptically by many, and for good reason. Mr. Putin may be showing himself to be a canny strategist. But watch out for all the ways his plan could still go wrong.
Writing in Financial Times, Philip Gordon argues that the ceasefire in Syria is the most propitious development in the country since the war began five years ago. It's maintenance should be prioritized even over other longstanding goals such as the immediate removal of Assad or the marginalization of Russia and Iran.
Since the 1990s, U.S. law enforcement has expressed concern about “going dark,” roughly defined as an inability to access encrypted communications or data even with a court order. Silicon Valley companies are rolling out encrypted products that allow users alone to access their data, and in the wake of the Paris and San Bernardino, Calif., terrorist attacks, law enforcement officials argue that their fears are being realized.
Absent wise American leadership, the world will crash, says CFR President Richard N. Haass. It is in the interest of Americans to find out what those wanting to be president think about a wide range of challenges and what they might do about them.
Over Christmas, headlines across Britain screamed that Victorian-era diseases had returned. The past five years had apparently witnessed a 136 percent increase in scarlet fever cases, a remarkable 300 percent rise in the confirmed cases of cholera along with reported occurrences of other once-vanquished diseases like tuberculosis, measles and whooping cough.
In this op-ed, Cohen describes the mounting frustrations among certain judges, lawyers, and other legal professionals as ideology and politics continue to take precedence over the rule of law in China.
In this op-ed, published following the visit of outgoing Taiwanese president Ma Ying-jeou to Taiping Island in the South China Sea, Cohen outlines how peaceful initiatives could be developed on the island to help address tensions in the South China Sea and other parts of East Asia.
India now matters to U.S. interests in virtually every dimension. This Independent Task Force report assesses the current situation in India and the U.S.-India relationship, and suggests a new model for partnership with a rising India.
Rates of heart disease, cancer, diabetes, and other noncommunicable diseases (NCDs) in low- and middle-income countries are increasing faster than in wealthier countries. The report outlines a plan for collective action on this growing epidemic.
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 »
Now Available: Foreign Policy Begins at Home
The biggest threat to America's security and prosperity comes not from abroad but from within, writes CFR President Richard N. Haass in his provocative new book. More