If the United States cannot get its fiscal house in order, the dollar’s privileged position as the world’s reserve currency may be at risk—at a time when there seem to be few if any plausible alternatives.
Without economic recovery there is no political consensus; without political consensus there is no economic recovery. If Washington fails to overcome its current stalemate, a long period of monetary stagnation and moral decline will set in.
Finance ministers around the world are up in arms over the Fed's latest efforts to jump-start the anemic U.S. economy. The future of globalization hangs in the balance.
The advent of a new historical epoch requires boldness in foreign policy architecture. Though less studied than the post-World War II master builders, Charles Evans Hughes' effort after World War I is a worthy case in point.
Europe has long viewed Turkey as a parent would a troubled stepchild. But a vibrant and increasingly powerful Turkey is making such an attitude absurd--and dangerous.
As the Great Recession gnaws at our very belief in the ability of capitalism to raise us to ever-escalating levels of wealth and prosperity, Keynes's no-longer-viable financial prescriptions are being resurrected.
