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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…

fig 19

October 4, 2019

Election 2020
Foreign Policy Roundup: William Weld Answers Twelve Questions

Each Friday, I look at what the presidential challengers are saying about foreign policy on the campaign trail.

Former Governor William Weld answers questions in New York after a Sept. 24 debate.

September 27, 2019

Election 2020
Foreign Policy Roundup: Treason, Debates, and Progressive Foreign Policy

Each Friday from now until Election Day, I will be looking at what the presidential candidates are saying about foreign policy on the campaign trail. 

President Trump's Republican contenders debate each other in New York on September 24.

September 19, 2019

United States
The 223rd Anniversary of George Washington’s Farewell Address

Today marks the 223rd anniversary of George Washington’s Farewell Address. It is sometimes mistakenly referred to a speech, but it was actually a six-thousand-word letter to the American people. It f…

GW

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?

August 26, 2019

International Organizations
The Role of the UN Secretary-General

The United Nations’ top leadership position has broad authority to steer the organization’s agenda, but its impact has varied widely since 1946.

UN Secretary-General Antonio Guterres adjusts his tie.

August 20, 2019

United States
Back-to-School Reading Special

Every year CFR.org editor Bob McMahon and I record a summer reading episode of CFR’s “The World Next Week” podcast. We usually do it in June as we entertain visions of leisurely summer days yet to co…

Books

August 20, 2019

International Organizations
The G7 and the Future of Multilateralism

The Group of Seven serves as a forum to coordinate global policy, but the Trump administration has provoked questions about the group’s cohesion and relevance.

G7 leaders meet in Sicily

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?