The former chair of the U.S. Federal Reserve asks how so many experts, including him, failed to see the 2008 financial crisis approaching. An important part of the answer to that question is a very old idea: Keynesian "animal spirits," the irrational elements of decisionmaking that have been left out of economic forecasting for too long.
International development has moved beyond charity. Gone are the days when the United States would just spend its seemingly bottomless largess to help less fortunate or vanquished countries, as it did after World War II.
"At the DFAS offices that handle accounting for the Army, Navy, Air Force and other defense agencies, fudging the accounts with false entries is standard operating procedure, Reuters has found. And plugging isn't confined to DFAS (pronounced DEE-fass). Former military service officials say record-keeping at the operational level throughout the services is rife with made-up numbers to cover lost or missing information."
Senior defense leaders frequently repeat five particular assumptions about the future of the military, which are rarely questioned by Congress, the media, or defense analysts. Micah Zenko highlights these assumptions and their contradictions.
Micah Zenko reviews 'Covert Capital': U.S. Empire in the Suburbs of Northern Virginia, which he says "provides an original and entertaining narrative showing how Cold War planning and operations permanently changed the suburbs of Washington."
"Much attention has been lavished on the speculators who reaped huge paydays betting against the subprime mortgages that stoked the financial crisis. Doomsayers like the hedge fund manager John Paulson and the cast of characters in "The Big Short," the Michael Lewis book, saw calamity coming, and their contrarian bets delivered when the housing market collapsed.
But what about the big long? During the dark days of late 2008, while other investors dumped their holdings or sat paralyzed on the sidelines, who decided that it was time to put money on the line? Who bought low and then sold high?"
Matthew Waxman argues that debates about constitutional war powers neglect the critical role of threats of war or force in U.S. foreign policy. The recent Syria case highlights the President's vast legal power to threaten military force as well as the political constraints imposed by Congress on such threats. Incorporating threats into an understanding of constitutional powers over war and peace upends traditional arguments about presidential flexibility and congressional checks—arguments that have failed to keep pace with changes in U.S. grand strategy.
"The story of Bush's eight-year pas de deux with the master of the Kremlin, reconstructed through interviews with key players and secret notes and memos, offers lessons for President Obama as he struggles to define his own approach to Putin and shape the future of the two nuclear powers."
"There remain distinctly different approaches to 'finding, fixing and finishing' terrorist targets. The two organizations also use different approaches to producing the 'intelligence feeds' upon which drone operations rely. Perhaps more importantly, after years of conducting drone strikes, the CIA has developed an expertise and a taste for them. The DOD's appetite to take over that mission may not run very deep."
"From thousands of classified documents, the National Security Agency emerges as an electronic omnivore of staggering capabilities, eavesdropping and hacking its way around the world to strip governments and other targets of their secrets, all the while enforcing the utmost secrecy about its own operations."
Department of Defense released their Arctic Strategy in November 2013, following the National Arctic Strategy released by the White House in May 2013. The strategy analyzes the security environment in the region.
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 author examines Pakistan's complex role in U.S. foreign policy and advocates for a two-pronged approach that works to quarantine threats while integrating Pakistan into the broader U.S. agenda in Asia.