United States

Foreign Affairs Article

Taper Trouble

Author: Benn Steil

Benn Steil's essay in the July/August issue of Foreign Affairs looks at the international consequences of U.S. monetary policy action. He argues that developing-nation governments are coming to see the need for engineering current-account surpluses and large dollar-reserve stockpiles as a means of insulating themselves against Fed-induced capital-flow whiplash. As this amounts to "currency manipulation" in the eyes of U.S. policymakers, trade tensions are apt to grow.

See more in Ukraine; United States; Monetary Policy; International Finance

Foreign Affairs Article

New World Order

Authors: Erik Brynjolfsson, Andrew McAfee, and Michael Spence

Recent advances in technology have created an increasingly unified global marketplace for labor and capital. The ability of both to flow to their highest-value uses, regardless of their location, is equalizing their prices across the globe.

See more in United States; Labor

Foreign Affairs Article

The United States of Gas

Author: Robert A. Hefner III

Less than a decade ago, the future of American energy looked bleak. Domestic production of both oil and gas was dwindling, and big U.S. energy companies, believing their fortunes lay offshore, had long since turned away from the mainland.

See more in United States; Energy Policy

Foreign Affairs Article

Powering the Pentagon

Author: Sharon E. Burke

In the immediate aftermath of World War II, the U.S. naval aviator Thomas Moorer questioned Takeo Kurita, a former vice admiral of the Imperial Japanese Navy, as part of the U.S. military's postwar interrogation of Japanese commanders. Kurita told Moorer that one of the most significant reversals of fortune Japan had suffered during the war was the loss of fuel supplies.

See more in United States; Renewable Energy

Foreign Affairs Article

Reforming the NSA

Authors: Daniel Byman and Benjamin Wittes

The long-running debate over the tradeoffs the United States should make between national security and civil liberties flared up spectacularly last summer, when Edward Snowden, a National Security Agency contractor, handed journalists a huge trove of heavily classified documents that exposed, in excruciating detail, electronic surveillance programs and other operations carried out by the NSA. Americans suddenly learned that in recent years, the NSA had been acquiring the phone and Internet communications of hundreds of thousands of U.S. citizens, as well as collecting massive volumes of bulk telephone records known as "metadata" -- phone numbers and the time and length of calls.

See more in United States; Intelligence