Great Recession

Members of the Iraqi security forces wearing protective masks and gloves stand guard in the capital Baghdad's Tahrir square on May 5.

Iraq’s Economic Collapse Could Be Biden’s First Foreign-Policy Headache

If the Iraqi government fails to pay state workers’ salaries in January, it could lead to widespread instability and violence. The United States and the international community must shore up Baghdad’s finances before it’s too late.

Then-Chief Cabinet Secretary Yoshihide Suga (right) presents flowers to Japan's Prime Minister Shinzo Abe

Abenomics Can Flourish Without Abe

Japan’s new prime minister has the skills to take on the country’s bureaucrats.

Lebanese demonstrators protest against the government's handling of a collapsing economy, with Lebanon burdened by debt of nearly $90 billion, on Feb. 11, 2020 in Beirut.

Start Preparing for the Coming Debt Crisis

The global financial crisis was just the prelude to what could be coming next. The next administration better be ready.

Coal heavers wear sandwich boards to protest against low wages in 1921.

When Everything Is a Crisis, Nothing Is

Invoking crisis is a favorite tactic of dictators—and widespread misuse of the word robs it of its power. 

Lebanese riot police guard a bank in Beirut on April 28.

The United States Is Pushing Lebanon Further Into Iran’s Embrace

The Lebanese economy is collapsing, and the risk of conflict is rising—but Washington has failed to grasp why Iranian influence is spreading or the measures needed to stop it.

A man wearing a face mask walks his dog across a deserted St. Mark's Square in Venice, Italy, on May 13.

Without Tourism, Italy’s Economy Faces Disaster

Foreign visitors have helped prop up the faltering Italian economy. If they don’t come back, the country is in trouble.

Employees disinfect the streets and shops inside Istanbul's famous Grand Bazaar to prevent the spread of the coronavirus in Istanbul on March 18.

The Coronavirus Is Creating a Crisis on Europe’s Borders

European countries have suffered from the pandemic, but their southern and eastern neighbors are faring even worse—setting the stage for financial ruin, political instability, and a surge of refugees.

Turkish President Recep Tayyip Erdogan (right) vies for the ball with Berat Albayrak—now his finance minister and son-in-law—during an exhibition match in Istanbul on July, 26, 2014.

The Coronavirus Will Destroy Turkey’s Economy

Ankara’s finances were weak before the pandemic—but the combination of external debt, a public health crisis, and a president who chooses to protect his reputation rather than his people could spell disaster.

A mostly empty Wall Street

Are the Markets Underestimating the Coronavirus Depression?

As we saw during the last financial crisis, the “smart” players aren’t always so smart. One thing we know: The world economy will never be the same.

$100 notes are printed at the U.S. Bureau of Engraving and Printing in Washington, D.C., on May 20, 2013.

The Democratic People’s Republic of U.S. Monetary Policy

Congress is outsourcing more and more policymaking to the Federal Reserve.

Former Chairman of the Federal Reserve Paul Volcker

What Paul Volcker Got Right About Global Finance

The late Federal Reserve chief was most renowned for fighting inflation, but he also understood—before almost anyone else did—that Wall Street was out of control.

Traders work on the floor of the New York Stock Exchange after news that Merrill Lynch & Co. was selling itself to Bank of America Corp. and the financial firm Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15, 2008.

What the 2008 Financial Crisis Can Teach Us Today

With a potential recession around the corner, it is worth remembering how regulators contained the last panic.

People protesting against a new government measure to further restrict abortions in Poland gather as part of "Black Friday" demonstrations nationwide on March 23, 2018 in Poznan, Poland. The women's rights group Dziewuchy Dziewuchom, called on women across Poland to gather for protests in cities nationwide.

Politics Without Parties

From Poland to Iceland, citizens’ groups are taking matters into their own hands and bringing about genuine political change from outside the party system.

Football fans from Uzbekistan celebrate near Red Square on June 15, 2018 in Moscow, Russia.  (Photo by Christopher Furlong/Getty Images)

Uzbekistan’s New Era Might Just Be Real

Long-needed reforms are changing what was once a grim autocracy. Washington can help.

Iranian Foreign Minister Javad Zarif and his German counterpart, Sigmar Gabriel, speak to the media following talks in Berlin on June 27, 2017. (Sean Gallup/Getty Images)

Europe’s Sanctions-Blocking Threats Are Empty

When it comes to Iran sanctions, the EU must satisfy Trump’s demands. Access to the U.S. financial system hangs in the balance.

Chinese 100 yuan notes and one U.S. dollar on Jan. 6, 2017. (Fred Dufour/AFP/Getty Images)

Don’t Trust China’s Opening of Its Financial Sector

Inviting foreign investors into a closed economy is a lot easier said than done.

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Can Saudi Arabia’s Young Prince Wean the Welfare State?

The ambitious plan to remake the Saudi economy is the brainchild of Deputy Crown Prince Mohammed bin Salman. But does he have what it takes to upend his country?

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