The looming financial contagion
The fact that the world did not experience a systemic financial crisis in 2022 is a minor miracle, given the surge in inflation and interest rates, not to mention a massive increase in geopolitical...
Will the dollar’s surge end in whiplash?
The US dollar has been on a tear this summer. The Japanese yen and the euro have fallen to their lowest levels against the greenback in two decades; the euro, long worth more than one dollar, is now...
Fiscal policy should return to fundamentals
Recent large interest-rate hikes by the US Federal Reserve and the European Central Bank suggest that monetary policymakers are intent on moving forcefully to bring down inflation. But where are the...
The energy price roller coaster
Over the past two and a half years, world oil and gas prices have been subject to demand shocks and supply shocks – and sometimes both simultaneously. The resulting volatility in energy markets is...
Is the peace dividend over?
Russia’s invasion of Ukraine should be a wake-up call for Western politicians, corporate leaders, and economists who advocate a green and equitable future but lack any practical or strategic sense...
The Fed’s wary embrace of digital dollars
Many countries’ governments, most notably China’s, are continuing to experiment with central bank digital currencies (CBDCs). Money 3.0 is moving full speed ahead, and with its recent white paper,...
Why is the IMF trying to be an aid agency?
Who is going to clean up the inevitable financial mess in emerging markets if persistent inflation forces the US Federal Reserve to start raising interest rates significantly? The International...