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March 25, 2020

China
China Needs More Progressive Taxes and More Spending on Public Health

China needs its own version of Rutger Bregman …  

A heart-shaped Chinese flag installation ahead of the 70th founding anniversary of People's Republic of China is seen on a street in Shanghai, China September 26, 2019.

January 8, 2020

Election 2020
The President's Inbox: The Killing of Qasem Soleimani

Each week between now and the Iowa caucuses, I’m talking with experts with differing views on how the United States should handle a foreign policy challenge it faces. These special episodes are part …

Debris burns outside Baghdad International Airport where a U.S. drone strike killed Iranian commander Qasem Soleimani and seven others on January 3. Iraqi Security Media Cell via Reuters

December 3, 2018

United States
Ten Anniversaries to Note in 2019

Anniversaries recall our triumphs, honor our losses, and mark our tragedies. Two thousand eighteen witnessed many significant anniversaries: the centennial of the end World War I, the fiftieth annive…

D-Day invasion

September 25, 2018

United States
“Russia is the first instance of a socialist economy in action. And it works!” My transcription of an H.D. White essay.

“Political Economic Int. of Future,” by Harry Dexter White (c.1944) In 2013, I published an historical narrative entitled The Battle of Bretton Woods: John Maynard Keynes, Harry Dex…

Essay First Page

November 21, 2016

Cybersecurity
How Much Does a Cyber Weapon Cost? Nobody Knows

Max Smeets is a D.Phil candidate and research affiliate of the Cyber Studies Programme at the University of Oxford. His work analyzes the proliferation of cyber weapons. Can a non-state actor take d…

CFR Cyber RPG Net Politics

June 5, 2015

Europe and Eurasia
Greece-Troika Gap Over Primary Surpluses Has Shrunk Dramatically

Greece has announced that it will not pay the IMF the €300 million due to the Fund on June 5.  Instead, it will “bundle” the payments due to the Fund over the course of June into one payment of ab…

Greece-Troika Gap Over Primary Surpluses Has Shrunk Dramatically

June 24, 2015

Europe and Eurasia
A Full Greek IMF-Debt Default Would Be Four Times All Previous Defaults Combined

Since the IMF’s launch in 1946, 27 countries have had overdue financial obligations of 6 months or more.*  But the amounts involved have always been small, never exceeding SDR 1bn ($1.4bn). This …

A Full Greek IMF-Debt Default Would Be Four Times All Previous Defaults Combined

July 2, 2015

Europe and Eurasia
Greece Fallout: Italy and Spain Have Funded a Massive Backdoor Bailout of French Banks

In March 2010, two months before the announcement of the first Greek bailout, European banks had €134 billion worth of claims on Greece.  French banks, as shown in the right-hand figure above, had…

Greece Fallout: Italy and Spain Have Funded a Massive Backdoor Bailout of French Banks

June 23, 2015

Europe and Eurasia
Greece and Its Creditors Should Do a Guns-For-Pensions Deal

IMF Chief Economist Olivier Blanchard has said that Greece needs to slash pension spending by 1% of GDP in order to reach its new budget targets.  The Greek government continues to resist, arguing…

Greece and Its Creditors Should Do a Guns-For-Pensions Deal

June 1, 2015

Monetary Policy
Are Fed Watchers Watching the Wrong People?

One effect of the financial crisis was to change how the Fed conducts monetary policy.  This could be long-lasting and important.Prior to the crisis, the Federal Open Market Committee (FOMC) set a…

Are Fed Watchers Watching the Wrong People?