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March 24, 2020

Coronavirus
Tackling COVID-19: A Problem So Big, You Can See It From Space

Links between COVID-19 and other global challenges underscore the importance of multilateral cooperation across a broad array of issue areas.

World Health Organization Director General Tedros Adhanom Ghebreyesus and UN Secretary General Antonio Guterres, flanked by staff members, walk toward a briefing at WHO headquarters in Geneva, Switzerland.

May 27, 2020

United States
Did the Dollar's Position as the Leading Reserve Currency Help Hold Treasury Yields Down This Spring?

Foreign Treasury sales, including large sales from reserve managers, made the Fed's job harder, not easier, in March.

Did the Dollar's Position as the Leading Reserve Currency Help Hold Treasury Yields Down This Spring?

May 22, 2020

United States
Remembering Those Memorial Day Honors

The United States has fought twelve major wars and numerous smaller skirmishes in its history. Memorial Day is how we honor the soldiers, sailors, airmen, airwomen, and marines who did not return hom…

Memorial Day

May 15, 2020

United States
The Irish Shock to U.S. Manufacturing?

 Over the last fifteen years, U.S. production of pharmaceuticals has fallen while imports have soared. It is worth asking why.   

The Irish Shock to U.S. Manufacturing?

May 8, 2020

United States
Five Points about U.S. Trade Over the Last Thirty Years

A few things that jumped out at me about the U.S. trade data. Some no doubt are controversial. 

Five Points about U.S. Trade Over the Last Thirty Years

May 5, 2020

Turkey
Turkey Shows the Value of Balance Sheet Analysis

Selling reserves borrowed from the banks ultimately puts the health of Turkey's banks at risk.

Turkish External Debt (USD BIllions)

April 22, 2020

Trade
When the Services Trade Data Tells You More About Tax Avoidance Than About Actual Trade…

In theory, there is a strong case for trade in services—specialization raises the productivity of all. Yet the actual data on U.S. trade in services tells a less appealing story. Far too much trad…

A woman passes a new offices construction site in St Helier, Jersey, Britain, November 9, 2017.

April 23, 2020

Rwanda
Why Rwanda Needs to Prepare Now for Kagame’s Promised Departure in 2024

This April marks the twenty-six-year anniversary of the Rwandan genocide and twenty years since Paul Kagame took the reins as president. For much of that time, Kagame imposed limits on the political process, democratic debate, and opposition figures. He justified these limits by saying that the country was too fragile, the wounds too fresh, and the competitive aspects of democracy too divisive for a country emerging out of a genocide. But when does that grace period end?

President Paul Kagame and First Lady Jeanette Kagame light the Rwandan genocide flame of hope, known as the "Kwibuka" (Remembering), to commemorate the 1994 Genocide at the Kigali Genocide Memorial Center in Kigali, Rwanda, on April 7, 2020. They are flanked by greener as they both old a long and lit torch that lights the memorial.

April 22, 2020

Cybersecurity
U.S. Cyber Command’s Malware Inoculation: Linking Offense and Defense in Cyberspace

"Defend forward" is frequently misunderstood to be purely offensive in nature. However, U.S. Cyber Command's malware inoculation initiative illustrates how the strategy also serves defensive objectiv…

Cyber defense operations at the U.S. Army Communications-Electronics Command.

April 14, 2020

China
Looking Back at China's 2019 Balance of Payments Data

Trump's trade war didn't really put a dent in China's balance of payments. And China looks like it has the kind of external balance sheet needed to weather the corona virus shock. China has a lot of …

Looking Back at China's 2019 Balance of Payments Data