Monetary Policy

French President Emmanuel Macron greets people at Félix Houphouët Boigny International Airport in Abidjan, Ivory Coast, on Dec. 20, 2019.

Macron Isn’t So Post-Colonial After All

National sovereignty is one thing. Monetary sovereignty is another.

Syrian refugees recharge their mobile phones from an extension attached to the van of a nearby TV crew as they rest beside the highway on their way to the border between Turkey and Greece in Edirne, Turkey, on Sept. 17, 2015.

Cryptocurrency Isn’t All Bad

The blockchain holds the key to sustainable development for the world’s poorest people.

A Sotheby's NFT sale.

Are NFTs Always Bad?

The digital assets known as “nonfungible tokens” could help artists make money from their work.

A physical imitation of the Bitcoin cryptocurrency is displayed on foreign bank notes.

Why Cryptocurrency Is Crazy—Like a Fox

Bitcoin’s already aging out, and central banks may lose in the race against whatever comes next.

An illustration combining images of Janet Yellen and Mario Draghi.

Janet Yellen and Mario Draghi Have One Last Job

The U.S. treasury secretary and the Italian prime minister have spent decades shaping this economy. But can they control what comes next?

Roman Catholic Cardinal and Archbishop of New York Timothy Dolan and Mitt Romney attend the 67th Annual Alfred E. Smith Memorial Foundation Dinner at the Waldorf-Astoria Hotel on Oct. 18, 2012 in New York City.

America Is Learning to Reject Socialism, but Love the Welfare State

Some Republicans are taking steps toward Europe’s model of religiously inspired social assistance.

Treasury Secretary Janet Yellen, right, listens as President Joe Biden speaks about the economy in the State Dining Room of the White House in Washington on Feb. 5.

Big Government Is Back

The pandemic has discredited decades of free market orthodoxy—but not all visions of state interventionism are progressive.

An Afghan moneychanger counts U.S. dollar notes

America’s Currency Is as Weirdly Outdated as Its Political Structure

The dollar’s aesthetic conservatism is a sign of how hard reform is in the United States.

The Swiss National Bank presents the new 1,000-franc note to the press in Zurich on March 5, 2019.

Trump Leaves Biden Administration a Parting Gift in Currency Wars

The Treasury’s decision to label both Switzerland and Vietnam currency manipulators was unusual—and leaves the Biden administration with some tough choices to make.

President Donald Trump walks with Jerome Powell at the White House in Washington on Nov. 2, 2017.

The West’s Constitutional Crises Threaten the Economy’s Last Best Hope

Central banks have kept their economies afloat this year—but political dysfunction is pushing them past the breaking point.

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.

A demonstrator holds a U.S. dollar bill burned during a protest of the annual meeting of the World Economic Forum in Davos, Switzerland, on Jan. 30, 2010.

Global Capital Is the Tail That Wags the U.S. Economic Dog

Economists have long imagined that the free movement of capital around the world benefits the U.S. economy. It doesn’t.

Economy-pandemic-imf-feature-gita-gopinath-kristalina-georgieva

Emerging Stronger From the Great Lockdown

The managing director and the chief economist of the International Monetary Fund lay out a strategy for sustained recovery.

A bank teller counts a stack of Chinese yuan and U.S. dollars at a bank in Shanghai on July 22, 2005.

Don’t Discount the Dollar Yet

China may want to displace the dollar with the yuan as the global reserve currency, but its actions are leading to the opposite.

An employee sorts Turkish lira banknotes at a bank in the town of Sarmada in Syria’s northwestern Idlib province on June 14.

Erdogan Has Hidden an Economic Disaster Deep in Turkish Banks

And he won’t be able to keep the game going for much longer.

A homeless man panhandles along a street in Lawrence, Massachusetts, on Aug. 16.

To Avoid a Coronavirus Depression, the U.S. Can’t Afford to Alienate the World

America needs a cooperative global economy to dig itself out of the downturn. That will require deft economic diplomacy, not bluster and bullying.

offshore tax havens coronavirus money

To Pay for the Pandemic, Dry Out the Tax Havens

Corporations and the wealthy have stashed away as much as $36 trillion in untaxed money. It's time to bring the hammer down.

People walk down 16th Street after “Defund The Police” was painted on the street near the White House in Washington, D.C., on June 8.

Defund the Bankers

The U.S. economy needs reform, and the Black Lives Matter movement shows how it can be done.

A protester holds a die-in in front of a row of police officers during a peaceful protest over the killing of George Floyd in Columbus, Ohio, on June 1.

America’s Social Contract Is Still Built on Racial Hostility

White Americans’ continued unwillingness to share the country’s bounty with their black fellow citizens lies at the root of social ills.