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    The Contested Fed

    James Livingston

    By all accounts, central banks – particularly the Fed, because the dollar is still the world’s dominant currency – already act as investment authorities. But their recent bailouts have exacerbated economic inequality, and have done little or nothing to address climate change.

     reviews three books that, each in its own way, reveal a central truth about the world’s leading central bank.
  2. emmott41_musk
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    The Napoleons of Big Tech

    Bill Emmott

    Recent events in the technology sector suggest that investors and lenders should be demanding a premium to cover the risk that a star entrepreneur will become an egomaniacal dictator. With each business cycle, it seems, old lessons must be relearned.

     sees in the industry’s harsh reckoning this year lessons that apparently can’t be learned often enough.
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    War Over Taiwan?

    Joseph S. Nye, Jr. considers whether a deterrence arrangement that has worked for 50 years is still sufficient.
  4. roubini171_Spencer PlattGetty Images_recession looming Spencer Platt/Getty Images
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    The Unavoidable Crash

    Nouriel Roubini anticipates a stagflationary debt crisis, owing to a dangerous combination of inflation and over-borrowing.
  5. vives17_ Leon NealGetty Images_ftx Leon Neal/Getty Images
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    Crypto’s Well-Worn Path to Crisis

    Xavier Vives writes that, despite the novelty of the assets, the narrative of FTX’s collapse was established long ago.
  6. sierakowski91_Omar MarquesGetty Images_ukrainian refugees Omar Marques/Getty Images
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    Resentment on the Western Front

    Sławomir Sierakowski thinks the Polish public needs a more open and honest conversation about refugees before resentment spirals.
  7. berkley13_Tafadzwa UfumeliGetty Images_covax vaccines Tafadzwa Ufumeli/Getty Images
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    The Climate Crisis Is Also a Health Crisis

    Seth Berkley & Werner Hoyer explain why global leaders must urgently introduce equitable pandemic-response mechanisms.
  8. haldar15_ Tayfun CoskunAnadolu Agency via Getty Images_twitter Tayfun Coskun/Anadolu Agency via Getty Images
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    Killing Twitter

    Antara Haldar explains what Elon Musk fundamentally misunderstands about the platform – and about free speech.
  9. BP - ftx NurPhoto / Contributor via Getty Images
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    The Crypto Emperor’s New Clothes

    Featured in this Big Picture

    Harold James, Peter Singer, Andrés Velasco, Kenneth Rogoff, Jonathan Levy

    The collapse of several crypto platforms this year – including the spectacular crash of the second-largest cryptocurrency exchange, FTX – has raised fundamental questions about the credibility of a digital innovation once hailed as the key to democratizing finance. Has crypto finally been exposed as a scam, or will a new, stronger crypto industry emerge from the current turmoil?

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  1. Resentment on the Western Front
    sierakowski91_Omar MarquesGetty Images_ukrainian refugees Omar Marques/Getty Images

    Resentment on the Western Front

    Dec 2, 2022 Sławomir Sierakowski thinks the Polish public needs a more open and honest conversation about refugees before resentment spirals.

  2. Crypto’s Well-Worn Path to Crisis
    vives17_ Leon NealGetty Images_ftx Leon Neal/Getty Images

    Crypto’s Well-Worn Path to Crisis

    Dec 2, 2022 Xavier Vives writes that, despite the novelty of the assets, the narrative of FTX’s collapse was established long ago.

  3. The Unavoidable Crash
    roubini171_Spencer PlattGetty Images_recession looming Spencer Platt/Getty Images

    The Unavoidable Crash

    Dec 2, 2022 Nouriel Roubini anticipates a stagflationary debt crisis, owing to a dangerous combination of inflation and over-borrowing.

  4. War Over Taiwan?
    nye236_SAUL LOEBAFP via Getty Images_biden xi SAUL LOEB/AFP via Getty Images

    War Over Taiwan?

    Dec 2, 2022 Joseph S. Nye, Jr. considers whether a deterrence arrangement that has worked for 50 years is still sufficient.

  5. The Contested Fed
    op_livingston1_Anna MoneymakerGetty Images_fed Anna Moneymaker/Getty Images

    The Contested Fed

    Dec 2, 2022 James Livingston reviews three books that, each in its own way, reveal a central truth about the world’s leading central bank.

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  1. op_livingston1_Anna MoneymakerGetty Images_fed Anna Moneymaker/Getty Images
    1

    The Contested Fed

    James Livingston

    By all accounts, central banks – particularly the Fed, because the dollar is still the world’s dominant currency – already act as investment authorities. But their recent bailouts have exacerbated economic inequality, and have done little or nothing to address climate change.

     reviews three books that, each in its own way, reveal a central truth about the world’s leading central bank.
  2. BP - ftx NurPhoto / Contributor via Getty Images
    0

    The Crypto Emperor’s New Clothes

    Featured in this Big Picture

    Harold James, Peter Singer, Andrés Velasco, Kenneth Rogoff, Jonathan Levy

    The collapse of several crypto platforms this year – including the spectacular crash of the second-largest cryptocurrency exchange, FTX – has raised fundamental questions about the credibility of a digital innovation once hailed as the key to democratizing finance. Has crypto finally been exposed as a scam, or will a new, stronger crypto industry emerge from the current turmoil?

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    Saadia Zahidi on government spending, debt distress, the Iran protests, and more

    Saadia Zahidi argues that social-safety nets must be customized and targeted to ensure efficiency, advocates a more responsible approach to deficit reduction and fiscal consolidation, describes the complex recipe for helping countries reap the benefits of greater female labor-force participation, and more.
  4. op_stiglitz6_Anna MoneymakerGetty Images_USabortionprotest Anna Moneymaker/Getty Images
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    America's Silent Progressive Majority

    Joseph E. Stiglitz considers what the midterm election results indicate about voters' real priorities.
  5. BQ – West Give in to Russia NurPhoto / Contributor via Getty Images
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    Will the West Give in to Russia?

    Featured in this Big Question

    Shlomo Ben-Ami, Simon Johnson, Salome Samadashvili, Charles Tannock

    From soaring inflation to a deepening energy crisis, the United States and Europe are facing no shortage of economic challenges, and Russia’s war against Ukraine – and the sanctions imposed in response to it – bears much of the blame. As Russia launches new rounds of missile attacks, we asked PS commentators what the West should be doing for Ukraine – and how likely it is to do it.

  6. op_lyubka1_Sergei ChuzavkovSOPA ImagesLightRocket via Getty Images_ukrainestatue Sergei Chuzavkov/SOPA Images/LightRocket via Getty Images
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    A Writer’s War

    Andriy Lyubka interviewed by Kate Tsurkan

    Ukrainians have shown the world that they are determined to reclaim their country's territory and drive out all Russian forces. But does that mean they must drive out Bulgakov and Pushkin, too?

     about Ukraine’s literary front – and volunteering on the military one.
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  1. owhite5_Oliver Llaneza HesseConstruction PhotographyAvalonGetty Images_coppermine Oliver Llaneza Hesse/Construction Photography/Avalon/Getty Images
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    Reimagining Our Global Connections

    Olivia White & Jonathan Woetzel show that retreating from global interconnectedness is both unworkable and unnecessary.
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    Nuclear Power Is Not the Answer

    Antony Froggatt shares new findings showing that the technology can no longer compete with renewable-energy options.
  3. ogunbiyi3_TONY KARUMBAAFP via Getty Images_electricity grid Amine Landoulsi/Anadolu Agency/Getty Images
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    Clean Power Is the First Domino

    Damilola Ogunbiyi, et al. urge world leaders to focus on full electricity-grid decarbonization to unlock climate progress elsewhere.

Opinion that Moves

  1. Xavier Vives Crypto’s Well-Worn Path to Crisis
  2. Nouriel Roubini The Unavoidable Crash
  3. Andrew Sheng, et al. QE with Chinese Characteristics?
  4. Jeffrey Frankel Let the WTO Referee Carbon Border Taxes

  1. Joseph S. Nye, Jr. War Over Taiwan?
  2. Chris Patten Rishi Sunak’s Daunting Challenge
  3. Simon Johnson Russia’s Financial Crisis Must Come Sooner
  4. Josep Borrell Why Europe and Latin America Need Each Other

  1. Seth Berkley, et al. The Climate Crisis Is Also a Health Crisis
  2. S. Alex Yang, et al. No Easy Exit from Zero-COVID
  3. Werner Hoyer, et al. Global Health Is the Best Investment We Can Make
  4. Mariana Mazzucato, et al. The World Is Still Failing at Pandemic Preparedness and Response

  1. Jean Pisani-Ferry, et al. The Economics of Mainstreaming Climate Action
  2. Olivia White, et al. Reimagining Our Global Connections
  3. Naoko Ishii, et al. Make COP27 a Turning Point for Food Systems
  4. Gernot Wagner Who Pays for Climate Change?

  1. Bill Emmott The Napoleons of Big Tech
  2. Yanis Varoufakis The Techno-Feudal Method to Musk’s Twitter Madness
  3. Anne-Marie Slaughter, et al. Defending Democracies’ Information Infrastructure
  4. Christopher Pissarides, et al. Leveraging Data for the Public Good

  1. Sławomir Sierakowski Resentment on the Western Front
  2. Antara Haldar Killing Twitter
  3. Jason Stanley Elon Musk’s Not-so-Hidden Agenda
  4. Raj Persaud The World Cup Syndrome

Africa’s economic rise is a world-changing development, but the sources of its emerging strength – and lingering weaknesses – are little understood. W…

  1. Julius Maada Bio Africa’s Education Opportunity
  2. Hippolyte Fofack Fairer Green Finance
  3. Tony Blair COP27 Is About Africa and Action

Today’s media landscape is littered with landmines: open hostility from illiberal and autocratic regimes, mounting censorship in countries such as Hungary, Turkey,…

  1. Arzu Geybulla Facebook Is Failing Journalists
  2. Anne-Marie Slaughter, et al. Defending Democracies’ Information Infrastructure
  3. Alexander Schallenberg, et al. Defending Democracy’s Defenders

As the COVID-19 crisis escalates, PS commentators assess its implications for the economy, propose policy responses, and consider what might – and sho…

  1. S. Alex Yang, et al. No Easy Exit from Zero-COVID
  2. Mariana Mazzucato, et al. The World Is Still Failing at Pandemic Preparedness and Response
  3. Ebere Okereke, et al. Making the Most of Africa’s Pandemic Dividend