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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 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 11, 2019

United States
Happy 244th Birthday to the U.S. Navy!

The U.S. Navy turns 244 years-old this weekend. On October 13, 1775, the Continental Congress commissioned two ships, each with eighty sailors, “for intercepting such transports as may be laden with …

U.S. Navy

October 24, 2019

Japan
A Puzzle in Japan’s Balance of Payments: What Explains Strong Foreign Demand for JGBs?

Japanese investors have an obvious incentive to search for yield abroad. But why has foreign demand for Japanese bonds almost matched Japanese demand for foreign bonds?

A Puzzle in Japan’s Balance of Payments: What Explains Strong Foreign Demand for JGBs?

September 11, 2019

International Economic Policy
Are Asian Insurers the New European Banks?

It is hard to understand the global flow of funds without understanding the risks now being taken by Japanese, Taiwanese, and Korean life insurers.

Are Asian Insurers the New European Banks?

August 15, 2019

United States
Election 2020: Elizabeth Warren, Democratic Presidential Candidate

As politicians, Ronald Reagan and Elizabeth Warren are opposites. He wanted to unleash the power of the market; she wants to curtail its abuses. But for all of their policy differences, the two share…

Elizabeth Warren

October 19, 2009

China
China 2025: Panel III: China's Security Future

Watch experts highlight challenges facing China's security future. This session was part of a CFR symposium, China 2025, which was cosponsored with the Project 2049 Institute.

April 24, 2019

Venezuela
Trump’s Misguided Policies Are a Gift to Venezuela’s Maduro

Punishing allies won’t help to rally international support for the restoration of democracy.

U.S. President Donald Trump speaks about the crisis in Venezuela during a visit to Florida International University in Miami, Florida, U.S., February 18, 2019.

April 22, 2019

North Korea
Deterrence and Detente on the Korean Peninsula

At this time of uncertainty, the U.S.-ROK alliance needs a strategy that supports best-case outcomes but also hedges against worst-case scenarios.

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