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October 17, 2019

Defense and Security
Funding the Nuclear Triad to Deter Great Power Adversaries

Captain Brian L. Sittlow is a naval officer, specializing in submarines, and a military fellow at the Council on Foreign Relations (CFR). The opinions expressed in this article are solely those of th…

Following a strategic deterrence patrol, the Ohio-class ballistic-missile submarine USS Alaska returns to its homeport at Naval Submarine Base Kings Bay, Georgia, U.S. in this April 2, 2019 handout photo.

October 17, 2019

Nigeria
Buhari Orders Land Borders Closed in Long-Running Effort to Boost Rice Production

In August, President Muhammadu Buhari ordered closed Nigeria’s land border with Benin, preventing the import of goods. The move significantly affected trade in foodstuffs. It is part of an effort to tackle smuggling and associated corruption, but also, apparently, to spur the domestic agricultural industry. On October 14, Nigeria ordered closed all of Nigeria’s borders with Benin, as well as those with all other countries, for the same reasons.

A farmer works with rice sprouts on a farm

October 17, 2019

Taiwan
Anything Interesting in Treasury's Delayed Foreign Exchange Report?

The Fall 2019 Treasury Foreign Exchange Report should send a strong warning to Thailand, Taiwan, and Singapore that their current pattern of intervention in the market would put them at risk of futur…

Anything Interesting in Treasury's Delayed Foreign Exchange Report?

October 16, 2019

Cybersecurity
New Cyber Brief: Expanding Disclosure Policy to Drive Better Cybersecurity

Threats to national and economic security emanating from cyberspace are all too real, but public disclosure of these incidents is exceedingly rare. A new Council on Foreign Relations Cyber Brief prov…

U.S. Attorney for the Southern District of New York Geoffrey Berman (2nd L) speaks as (L-R) FBI Director Christopher Wray, U.S. Deputy Attorney General Rod Rosenstein and Assistant Attorney General for National Security John Demers listen during a news conference to announce a China related national security law enforcement action December 20, 2018 at The Justice Department in Washington, DC. The Justice Department has filed charges against two Chinese national individuals, Zhu Hua and Zhang Shilong who bel

October 15, 2019

Taiwan
What Does Taiwan’s Hidden Forward Book Mean for Taiwan’s Financial Stability and U.S. Currency Policy?

Taiwan's central bank—and Taiwanese households—have taken on an awful lot of foreign currency risk over the years …

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October 10, 2019

Economics
Housing Market Points to Recession By Election Day

Looking back at the years preceding the 2008 financial crisis, a critical warning sign was the surging gap between the growth in home prices and household income—as can be seen in the main graphi…

Housing Market Points to Recession By Election Day

October 10, 2019

China
Game On: The NBA Runs Afoul of China but Scores Big

The facts are not in dispute. On October 6, Houston Rockets General Manager Daryl Morey tweeted: “Fight for Freedom: Stand with Hong Kong,” igniting a political firestorm in Beijing. Other Rockets he…

Fans in LeBron James jerseys pose for pictures with Chinese flags near security personnel outside the Mercedes-Benz Arena before the NBA exhibition game between Brooklyn Nets and Los Angeles Lakers in Shanghai, October 10, 2019.

October 9, 2019

Ukraine
The President's Inbox: Stephen Sestanovich on Ukraine

The latest episode of The President’s Inbox is live. I sat down with Steve Sestanovich, CFR’s senior fellow for Eurasian and Russian studies and the former U.S. ambassador-at-large for the former Sov…

Ukrainian President Volodymyr Zelensky speaks with President Trump at the United Nations General Assembly on September 25.

October 9, 2019

Taiwan
$130+ Billion in Undisclosed Foreign Exchange Intervention by Taiwan's Central Bank

Based on the profits and losses disclosed by Taiwan’s central bank, it appears that its true FX exposures exceed its disclosed foreign exchange reserves by USD 130bn, and perhaps by as much as USD 20…

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October 8, 2019

Iran
1970s Oil Crisis Redux or Oil Price Rout?

It has been four weeks since a major military attack on critical oil facilities in Saudi Arabia shocked the world and very little has happened to suggest such an event couldn’t happen again. That beg…

Some Motorists Ran Out of Gas Such as This Man in Portland and Had to Stand in Line with a Gas Can During the Fuel Crisis in the Pacific Northwest.