Richard Haass
explains what caused the Ukraine war, urges the West to scrutinize its economic dependence on China, proposes ways to reverse the dangerous deterioration of democracy in America, and more.
If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
The half-century since the official demise of the Bretton Woods system of fixed exchange rates has shown the benefits of what replaced it. While some may feel nostalgic for the postwar monetary system, its collapse was inevitable, and what looked like failure has given rise to a remarkably resilient regime.
explains why the shift toward exchange-rate flexibility after 1973 was not a policy failure, as many believed.
发自加州克莱蒙特——习近平几乎肯定会在本月召开的中共第二十次全国代表大会上连续第三次当选党总书记和中国国家主席,也将因此成为自毛泽东以来中国任职时间最长的最高领导人,而本应控制着中共政权的那些规则和规范则将被打破。
这些规则和规范主要是由毛泽东的继任者、1978年上台的邓小平制定的。邓小平亲身体会过党的意识形态狂热可能造成的破坏。在文化大革命期间他有一个儿子被狂躁的红卫兵打成瘫痪,本人也被撤职下放到一个偏远省份工厂里劳动了四年——在他漫长革命生涯中曾三度被打倒,这是其中之一。
为确保国家不再被这种恐怖所笼罩,邓小平——在其他经历过文革的老革命支持下——恢复了集体领导,并对大多数中共高级职位下达了年龄和任期限制。在随后几十年间中国最高领导人的任期全都不超过两届,政治局委员也都遵守着68岁的不成文退休上限。
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