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Council on Foreign Relations This Month in Geoeconomics
From the Maurice R. Greenberg Center for Geoeconomic Studies

February 29, 2012

Why We Can't Believe the Fed

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Larry Downing / Reuters


In a Wall Street Journal op-ed, Benn Steil argues that the Fed's recent experiment with transparency risks undermining its own credibility. The Fed broke with past practice by offering a prediction of how it would set interest rates three years into the future. But history has shown that the Fed is not a reliable forecaster of the economy. The Fed is therefore likely to revise its view, dismaying those who took its predictions as pledges. Or, if the Fed sticks to its predictions, it may do so at the cost of rising inflation.


Correcting the Course

Surviving Globalization

Edward Alden highlights the need for advocates of international trade to confront growing skepticism over greater American involvement in the global economy. Read more »

In Praise of Auto-Pilot

Peter R. Orszag wants the United States to rely more on automatic stabilizers to stem the shocks from recessions. Read more »

A Proposal for Mitt Romney

Sebastian Mallaby suggests how a politician could profitably take on on America's addiction to debt. Read more »

World Bank in Transition

Why We Still Need the World Bank

More than sixty years after the World Bank was founded, developing countries still turn to it for financing and expertise. But the world is changing, and so must the bank, argues its outgoing president Robert B. Zoellick in the new issue of Foreign Affairs. Read the Essay »

The Quiet Revolutionary Who Saved the World Bank

Sebastian Mallaby explains how Robert Zoellick has guided the World Bank into an era of greater transparency, collaboration, and innovation. Read more »

Toward Sustainability

The Sustainability Mindset

To achieve sustainable economic growth, Michael Spence says education and values must promote greater awareness of the consequences of individual and collective choices. Read more »

Cost Savings As We Age: Common Sense

Michael Hodin says the path to fiscal sustainability lies in funding research programs and healthy aging initiatives that reduce the government outlays needed to care for an aging population. Read more »

Buffett Wants to Pay Higher Taxes—on Less Than 1 Percent of His Income

Warren Buffett has called on Congress to stop giving "extraordinary tax breaks" to the mega-rich, but the latest Geo-Graphics post shows that the U.S. tax code is actually more progressive than the Sage of Omaha suggests. Read the Blog ยป



About CGS

The Maurice R. Greenberg Center for Geoeconomic Studies (CGS)
works to promote a better understanding among policymakers, scholars, journalists, and the public about how economic and political forces interact to influence world affairs.

Michael A. Levi
Director of the Maurice R. Greenberg Center for Geoeconomic Studies
Edward Alden
Bernard L. Schwartz Senior Fellow
Thomas J. Bollyky
Senior Fellow for Global Health, Economics, and Development
Blake Clayton
Adjunct Fellow for Energy
Heidi Crebo-Rediker
Senior Fellow
James P. Dougherty
Adjunct Senior Fellow for Business and Foreign Policy
Jennifer Harris
Senior Fellow
Miles Kahler
Senior Fellow for Global Governance
Robert Kahn
Steven A. Tananbaum Senior Fellow for International Economics
Sebastian Mallaby
Paul A. Volcker Senior Fellow for International Economics
Meghan L. O’Sullivan
Adjunct Senior Fellow
Peter R. Orszag
Adjunct Senior Fellow
Varun Sivaram
Matthew J. Slaughter
Adjunct Senior Fellow for Business and Globalization
A. Michael Spence
Distinguished Visiting Fellow
Benn Steil
Senior Fellow and Director of International Economics


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