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March 31, 2020

Monetary Policy
What Is the U.S. Federal Reserve?

Over the past decade, the Fed has deployed trillions of dollars in stimulus while expanding its regulatory oversight. Under the Trump administration, the central bank is back on the front lines to fi…

Federal Reserve

December 16, 2020

Local and Traditional Leadership
Nigeria's Unitary Federalism

In May 1966, General Johnson Aguiyi-Ironsi, Nigeria’s first Military Head of State—also known as Johnny Ironside for his exploits in a peacekeeping mission in the Congo—promulgated the infamous Decree No. 34 of 1966, the “unification decree.”

A group of Nigerian lawyers are seen sitting in chairs awaiting a trial. Several are wearing wigs that resemble those used during the British colonial period.

September 24, 2021

Technology and Innovation
Cryptocurrencies, Digital Dollars, and the Future of Money

The dizzying rise of Bitcoin and other cryptocurrencies has created new challenges for governments and central banks. Some are responding by introducing their own digital currencies.

A technician inspects the backside of a bitcoin mining operation in Quebec, Canada.

October 30, 2020

Currency Reserves
It Is Time To Scrap the IMF's Reserve Adequacy Metric

The IMF reserve metric isn't working: it is failing to differentiate between obviously under-reserved countries like Turkey and Argentina and adequately reserved countries like China.

It Is Time To Scrap the IMF's Reserve Adequacy Metric

October 1, 2021

Budget, Debt, and Deficits
The National Debt Dilemma

With the U.S. national debt already exceeding $16 trillion, President Trump’s tax reform and budget deals with Congress have added to the country’s deficits. CFR explores the origins of the national debt, the risks it presents, and the outlook for change.

US-Debt-BGR-Header-2-1160x630.jpg

September 25, 2018

Monetary Policy
Good News! The Federal Reserve is Surviving the Trump Era.

Improbably, the Federal Reserve is surviving the Trump era with its integrity intact. Jerome H. Powell, the Fed chairman since February, is quietly emerging as a skilled Washington operator.

Federal Reserve Board Chairman Jerome Powell testifies before a Senate Banking Housing and Urban Affairs Committee hearing.

August 12, 2020

United States
Weaker Dollar Means More Dollar Reserves

Large increases in dollar reserves tend to come during periods of dollar weakness, not periods of dollar strength. That is for a simple reason: many export-heavy countries still intervene heavily in …

Weaker Dollar Means More Dollar Reserves

May 15, 2020

COVID-19
Comparing Coronavirus Lockdowns: The Federal-Local Divide

The United States is one of the few leading economies to delegate responsibility for coronavirus restrictions to state and local governments.

October 5, 2021

Terrorism and Counterterrorism
Guantanamo Bay: Twenty Years of Counterterrorism and Controversy

The U.S. military detention center at Guantanamo Bay, Cuba, has generated intense debate for two decades, with enduring questions about national security, human rights, and justice.

A collage of surveillance photographs shows Guantanamo detainees.

March 26, 2020

COVID-19
Quarantined: Federalism in Action at Home and Abroad

The rapid spread of the coronavirus in the COVID-19 pandemic has prompted a new reality for most—if not all—Americans, as a growing number of U.S. states have imposed a variety of stay-at-home direct…

Woman in Italy wearing protective mask during coronavirus