The long-standing state system for bringing order to the world is under pressure. The American-led security and economic commons built up over several decades in the twentieth century is at risk everywhere and in many places no longer exists. In order to prepare for the new global arrangement, America needs to return diplomatic responsibility and accountability to the Department of State. It also needs to raise the stature of the Foreign Service Institute, which trains diplomats and foreign affairs professionals. Now more than ever, America needs to maintain its strong diplomatic presence to preserve and ensure stability and peace.
Despite the bitter war they fought in the 1940s, Japan and Britain (my native country) have much in common. Both are archipelagos off the vast Eurasian landmass. Both are among the most densely populated countries in the world. Both were once mighty empires. Both are still quite rich. Both are constitutional monarchies.
In their new Hoover Institution Press book, Currencies, Capital, and Central Bank Balances, economists John H. Cochrane and John B. Taylor and editor Kyle Palermo address big-picture debates affecting US and global monetary policy.
America’s economy may seem stable at first glance but that doesn’t necessarily mean it’s doing well. While many believe that our economy is at its best under the circumstances, history shows a different picture.
Since ancient times, it has always been scary when moral auditors audit their own. Or as the Roman satirist Juvenal put it of male guardians entrusted to shield chaste girls from randy males, Quis custodiet ipsos custodes? (“Who will watch the watchmen?”) When humans sense that there’s neither an earthly nor divine deterrent between them and social acceptance, power, riches, or their appetites, what follows is a foregone conclusion.
I’m watching what’s transpired in the world of Joe Biden over the past 72 hours – ever since a former Democratic candidate in Nevada publicly asked: “why is the vice-president of the United States touching me?” – and two thoughts come to mind. One is: different campaign, different set of standards. The other: welcome, Mr. Vice President, to your party’s Unwelcome Wagon. Let’s start with the concept of changing standards.
While the rest of us enjoy basketball’s March Madness, progressives are creating madness of their own. The latest is their proposal to pack the Supreme Court by adding new seats on the Court for the next president to fill. This is clearly a political ploy to change the present 5-4 conservative makeup to a 6-5 liberal one.
What role should the United States play in the Middle East as its attention shifts to the objectives outlined in the National Security Strategy and the National Defense Strategy of competing with near peers like Russia and China? Today pundits and observers are posing this question against a backdrop of more than a decade and a half of costly, inconclusive and seemingly “endless” wars in Iraq and Afghanistan, as well as the more recent deployment of roughly two thousand Special Forces troops to Syria as part of the counter ISIS campaign. To President Trump the answer seems clear. He noted in April 2018 at an Ohio rally “we’ll be coming out of Syria, like, very soon.
As Xerxes' victorious legions triumphantly marched into Attica, panic swept the countryside. An estimated quarter million women, children, and elderly fled the region in one of the largest mass migrations of the ancient world. Themistocles decreed Athens must be abandoned. The entire population of the city and its immediate surroundings, some 100,000 souls, evacuated to the rugged island of Salamis where, as historian Victor Davis Hanson writes: “They were gambling that their own seaman, along with the still unconquered Greek allies from the Peloponnese, could wreck the Persian fleet before they all starved—and before the onset of autumn.”
The Caixin/Markit Manufacturing Purchasing Managers Index showed that China entered expansion territory in March, indicating a notable improvement in the country's manufacturing sector. Economists said the rise showed policies to bolster growth have begun to pay off, and the world's second-largest economy is likely to achieve steady expansion this year. The PMI, released on Monday, recovered for the second consecutive month and stood at 50.8 in March, versus 49.9 in February.
The Fraternal Order of Police in Chicago is protesting outside the Cook County State’s Attorney’s Office on Monday, demanding the resignation of top prosecutor Kim Foxx after her office dropped all charges against Empire actor Jussie Smollett.
In a recent Economic Synopses essay, we discussed how large changes in economic policy uncertainty (EPU) can affect key macroeconomic indicators like GDP and inflation. In that analysis, we considered only shocks that were large enough to push EPU above the recent historical highs. Thus, changes in the EPU do not necessarily have proportional changes on the economy.