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Team Obama

President-elect Obama's economic team will have their hands full. Sebastian Mallaby writes that there is a need for quick and decisive action to shock the system out of its downward spiral. Fortunately, Obama has chosen to surround himself with experienced technocrats— pragmatists who excel at imaginative improvisation.

Safe Fail

In this Financial Times op-ed, Benn Steil argues that we need a “safe-fail” approach to preventing financial crises, aimed at limiting systemic damage after financial institutions fail.
Consumer Lending
The latest initiative from the Federal Reserve is aimed at the collapse in consumer lending. As our chart shows, the Fed's promised infusion is roughly equivalent in size to the financing provided by private lenders to this class of borrower in recent years. A key architect of this initiative is Timothy Geithner, whom Barack Obama has nominated as Treasury Secretary. Below we provide links to some of Geithner's recent speeches and testimony.
Geithner: Liquidity Risk and the Global Economy
Geithner: Systemic Risk and Financial Markets
Geithner: Reducing Systemic Risk in a Dynamic Financial System
Geithner: Actions by the New York Fed-Testimony before the US Senate
Geithner: Restoring Market Liquidity in a Financial Crisis

Auto Industry Bailout
Given Wall Street’s rescue, some suggest that it is only fair to bail out the auto industry. However, critics claim that this use of taxpayer funds would only delay adjustment.
Reed, Simon: Detroit spinners?
Economist: Saving Detroit
Feldstein: A Chapter For Detroit To Open

China Embraces Keynes
In a move intended to counter slowing economic growth, China announced its largest ever fiscal stimulus plan of $586 billion. Should the rest of the world follow suit with large fiscal stimulus plans of their own?
Economist: China Seeks Stimulation
Batson: China Sets Big Stimulus Plan
Elegant: A New Deal for China?

Expert Insight and Commentary

Interviews

Previewing 'Bretton Woods Two'

November 11, 2008

CFR's Peter Kenen discusses the current financial crisis and what will come of the upcoming international financial summit.

Obama's First Priority Should Be Economy

November 5, 2008

CFR President Richard N. Haass, who worked on previous presidential transitions, says that given the current world situation, he believes...

Economic Challenges Add to Pakistan's Woes

October 24, 2008

Daniel Markey, a former State Department specialist on South Asia, says Pakistan "is going through another series of really tough times"...

The Deep Roots of the Financial Crisis

October 21, 2008

The Financial Times' Martin Wolf argues that massive accumulations of currency reserves enabled housing bubbles in developed economies and...

Op-Eds

The New Greens Like It Big

David G. Victor

Newsweek

The Krugman Recipe for Depression

Amity Shlaes

Wall Street Journal

Team Obama Rides In

Sebastian Mallaby

Washington Post

Expert Briefs

Russia and the Global Economic Crisis

Russia is facing its toughest economic challenge since the collapse of 1998 but it may weather the current crisis better due to vast...

Japan's New Economic Challenge

CFR Senior Fellow Sheila A. Smith says Japan is well positioned to offer leadership on coping with the global financial crisis. But a...

Turkey's Engine Shows Resilience

CFR Senior Fellow Steven Cook writes that Turkey's economy is proving more resilient than expected in the face of the global economic...

A Changed Prognosis for Climate Change Policy

CFR Senior Fellow Michael Levi writes that the financial crisis will affect U.S. near-term efforts to deal with energy security and climate...

CGS Resources

Experts
CGS Fellows with an expertise in international trade.

Edward Alden

Bernard L. Schwartz Senior Fellow

Jagdish N. Bhagwati

Senior Fellow for International Economics

Sebastian Mallaby

Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics
Deputy Director of Studies

Matthew J. Slaughter

Adjunct Senior Fellow for Business and Globalization

Council Special Reports

Sovereign Wealth and Sovereign Power

Brad W. Setser

Council Special Report No. 37

September 2008

Global FDI Policy

David M. Marchick and Matthew J. Slaughter

Council Special Report No. 34

June 2008

Climate Change and National Security

Joshua W. Busby

Council Special Report No. 32

November 2007

The Case for Wage Insurance

Robert J. LaLonde

Council Special Report No. 30

September 2007

Reform of the International Monetary Fund

Peter B. Kenen

Council Special Report No. 29

May 2007

Geoeconomics Working Papers

Food Price Inflation

In this Working Paper, Karen H. Johnson explains the causes of food-price inflation, and analyzes the implications for central banks, trade negotiators, and agricultural policy.

more

Books

The Forgotten Man

Amity Shlaes offers a striking reinterpretation of the Great Depression, tracing the moving stories of individual citizens who helped establish the steadfast character we recognize as American today.

The Closing of the American Border

Edward Alden goes behind the scenes to tell the story of the Bush administration’s struggle to balance security and openness in the wake of the September 11, 2001, terrorist attacks.

Termites in the Trading System

Jagdish Bhagwati argues preferential trade agreements are protectionist discriminatory, and put the world trading system at risk.
Expert Briefs

CFR Fellows assess the impact around the globe.

Climate Change

EU Policy

U.S. Foreign Policy Goals

India's Development

Pakistan/Afghanistan War

more

Launch this interactive.

Blogs

Blog -- Brad Setser: Follow the Money

Bretton Woods 2 and the current crisis: any link?
December 1, 2008

If you only read one thing on China this fall …
November 26, 2008

Bonfire of sovereign wealth funds?
November 25, 2008

A new economic team
November 23, 2008

Not a good sign: the Treasury once again can borrow for free
November 20, 2008

more

Amity Shlaes: The Forgotten Man

Shlaes Back to Krugman
November 24, 2008

Russ Rides to the Rescue
November 18, 2008

Begging
November 16, 2008

Lee Ohanian on Rauchway….
November 12, 2008

Marginal Revolution edges ahead
November 11, 2008

more

CFR Events

Audio, Video, Transcripts

Beyond Firefighting: Rethinking Financial Market Regulation

November 25, 2008

A Council on Foreign Relations meeting discussing the possibility of rethinking financial market regulation to avoid cycles of boom and...

Meeting the New Global Challenges

November 14, 2008

Gordon Brown, prime minister of the United Kingdom, speaks about the global financial crisis and the need for international cooperation to...

Media Conference Call: Bretton Woods II

November 12, 2008

Listen to CFR experts Sebastian Mallaby, Benn Steil, and Brad Setser discuss the G20 international financial summit-dubbed Bretton Woods...

more

CGS Newsletter

Subscribe to "This Month in Geoeconomics" newsletter.

Maurice R. Greenberg Center for Geoeconomic Studies

Consumer Lending

Auto Industry Bailout

Given Wall Street’s rescue, some suggest that it is only fair to bail out the auto industry. However, critics claim that this use of taxpayer funds would only delay adjustment.

China Embraces Keynes

In a move intended to counter slowing economic growth, China announced its largest ever fiscal stimulus plan of $586 billion. Should the rest of the world follow suit with large fiscal stimulus plans of their own?

Expert Insight and Commentary

CGS Resources

CGS Fellows with an expertise in international trade.

Expert Briefs

Blogs

CFR Events

CGS Newsletter