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April 8, 2021

Infrastructure
The State of U.S. Infrastructure

Amid an economic crisis caused by the coronavirus pandemic, debate continues over how to improve the nation’s infrastructure, as analysts say U.S. transportation, water, and other systems face major …

Phase II construction on Metro’s Silver Line at Dulles International Airport continues.

April 1, 2021

International Law
Save the Olympics, Again

In May 1984, I published an op-ed in The New York Times entitled, “To Save Olympics.” It called for the depoliticization of the Olympics through an international treaty that would establish permanent…

March 19, 2021

State and Local Governments
How COVID-19 Is Harming State and City Budgets

The coronavirus pandemic is placing enormous budget pressure on state and local governments, threatening deep and potentially lasting cuts to education, infrastructure, and other important investment…

Four people wait in line at an unemployment in Fayetteville, Arkansas, after losing their jobs due to the coronavirus outbreak.

March 12, 2021

Central America
Making Anti-Corruption Reforms Stick in the Northern Triangle

The Biden administration made a bold commitment to support the region’s prosecutors in their fight against impunity. But corrupt courts, business associations, and legislatures could derail the progr…

A woman wearing a blue and white shroud

February 16, 2021

Asia
CFR Mini Mac Index Shows U.S. Dollar Falling, Other Safe Havens Soaring, Amid Pandemic

    The “law of one price” holds that identical goods should trade for the same price in an efficient market. But how well does it actually hold internationally? The Economist magazine’s Bi…

February 8, 2021

Economics
Farewell

I am stepping down from my position at the Council of Foreign Relations to take a new job. That, among other things, means that I will not be blogging here for the foreseeable future. I am enormou…

January 25, 2021

Transition 2021
Four Critical Issues for Biden and Europe

Biden’s electoral victory and the course correction he has already begun are poised to repair America’s reputation abroad and reinstate transatlantic solidarity. Nonetheless, neither side of the Atla…

This photo illustration shows German newspaper headlines on November 8, 2020, following news outlets' projection of Joe Biden as the winner of the U.S. presidential election.

October 13, 2020

Emerging Economies
Reframing the Collective Action Problem in Sovereign Bond Restructuring

A recent white paper from Lazard points out that emerging market sovereign bond holdings are often fairly concentrated among a handful of big players.  The main impediment to collective action may be…

Reframing the Collective Action Problem in Sovereign Bond Restructuring

September 15, 2020

United States
Why the Fed Bond Binge Will Boost Inflation

After the 2008 financial crisis, it took five years of quantitative easing (QE) for the Fed’s balance sheet to grow $1.8 trillion. This year, once the pandemic began, it took less than five month…

Why the Fed Bond Binge Will Boost Inflation

January 19, 2021

China
The Extension of the Digital Silk Road to Latin America: Advantages and Potential Risks

The Digital Silk Road's extension to Latin America has had both advantages and potential risks for states in Latin America and the Caribbean.

People walk past a Huawei company logo at a bus stop in Mexico City on February 22, 2019.