The U.S. Federal Reserve's monetary stimulus efforts have an undesirable side effect that needs to be managed with great care: the Fed has amassed a huge stock of mortgage-backed securities (MBS) tha…

The European Stability Mechanism's (ESM) bank recapitalization instrument was designed to break the vicious circle tying financially weak eurozone governments to financially weak banks. It cannot, ho…

The Obama administration has accurately described outer space as increasingly "congested, contested, and competitive." Eleven countries have space launch capability and over sixty countries own and o…

The Issue An approach to bank regulatory reform that restricts the scope and incentives for bank balance-sheet expansion funded by short-term debt is essential to preventing another major financia…

Europe's strategy for solving its debt woes has the problem exactly backwards. A gaping hole in Europe's policy response to date is its unwillingness to reduce excessive levels of corporate, bank, an…