Hoover Institution fellow Gary Roughead discusses China’s importance and the strategic competition in the next 100 years between the United States and China.

In that same spirit, but a bit more elegantly worded, Michael Spence and former Fed governor Kevin Warsh wrote a must-read in Monday’s Wall Street Journal titled, “The Fed Has Hurt Business Investment,” which presciently preceded yet another terrible report on capital investment. The article’s most notable tidbit, from yours truly’s perspective, is that half of earnings in the QE era can be attributed to share buybacks rather than investment in the future.

Following the conclusion of the Trans-Pacific Partnership by 12 Pacific Rim countries, debates about the costs and benefits of trade liberalization are intensifying. The early leaders in the United States’ presidential campaign, both the Republican Donald Trump and the Democrat Hillary Clinton, have expressed opposition to the TPP, though as Secretary of State, Clinton called it the “the gold standard of trade deals.”