In Print

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The Rise and Fall and Rise (and Fall) of the U.S. Financial Empire

The dollar is dead. Long live the dollar. If 2020 confirmed one thing, it was the centrality of the dollar to the global economy. U.S. hegemony may already have passed us in a political and strategic sense, but U.S. financial influence is proving more enduring. This is reassuring in the sense that the U.S. Federal Reserve has once again acted as a responsive and generous steward of the dollar-based financial system. But it is also a cause of puzzlement and frustration. While China and Russia experiment with alternatives to the dollar-based payment system, in Europe the buzzword of the day is “strategic autonomy.” Given the increasing aggression of Washington’s financial sanctions, compounded by the capriciousness of the presidency of Donald Trump, this is hardly surprising. It is an obvious reaction to the weaponization of interdependence. It is far from obvious to critics that dollar hegemony is an unalloyed blessing.

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Light in the tunnel or oncoming train?

In the final weeks of 2020 an optimist might see light at the end of the tunnel. Europe was hit hard by the second wave of Covid-19. But it is being brought under control. Several vaccines are in the pipeline and European manufacturers lead the race. Inoculation of the most vulnerable may begin even before the year is out. Then restrictions can be lifted. Social life will get back to

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Global Inequality and the Corona Shock

In the first half of 2020, as the world economy shut down, hundreds of millions of people across the world lost their jobs. Following India’s lockdown on March 24, 10s of millions of displaced migrant workers thronged bus stops waiting for a ride back to their villages. Many gave up and spent weeks on the road walking home. Over 1.5 billion young people were affected by school closures. The human

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Biden will have the presidency. But Republicans still have the power

With a slim majority in Congress, the president-elect lacks a solid base. The past teaches us what may happen. President Trump’s efforts to overturn the outcome of the 3 November election, which appear to be over, provided his opponents with a source of sadistic amusement. Trump’s self-humiliation in the eyes of the liberal world is complete. To his followers, of course, the fight goes on. And his Republican colleagues have

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Archive

Zeit Online
The Limits of Victory

Joe Biden may have won the election, but the U.S. is still divided and the Republicans are ready to block his every move, even as the country faces grave crises. On Sat., Nov. 7, 2020,

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El País logo
The political economy of Trump

The United States can protect itself against turbulence, but doing so against a great recession is a lot more difficult, and that is the danger if the Democrats get to the White House but fail

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China takes the climate stage

This was supposed to be a big year for climate politics. It has lived up to expectations. But not, perhaps, in quite the way Europe had imagined. In January, sights were set on the next

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Foreign Policy Logo 'FP'
How Xi Just Saved the World


In a little-noticed speech this week, China permanently changed the global fight against climate change. China will scale up its Intended Nationally Determined Contributions by adopting more vigorous policies and measures. We aim to have

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The New York Times logo
Daniel Yergin’s New Map

Review of: The New Map: Energy, Climate, and the Clash of NationsBy Daniel Yergin In the 1990s Daniel Yergin emerged as one of the great chroniclers of our day. Both “The Prize,” his epic history

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The politics of currencies

Adam Tooze argues that worrying about the euro exchange rate and a non-existent inflation enemy in Europe must give way to fiscal and monetary demand boosts. On September 10th, as they waited for the European

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