18+ hour, 53+ min ago   (144+ words) A key part of the intellectual basis for the “Pax Americana” was the belief, most fervently advocated by Cordell Hull, FDR’s secretary of state, that “commerce” — that is, global economic integration — is a force for peace. But is it really?...

3+ day, 18+ hour ago   (479+ words) Another short, wonky post. Too much going on for more. “Speak softly and carry a big stick.” Teddy Roosevelt’s favorite aphorism made sense then and now. Policymakers should avoid being boastful or belligerent, not simply as a matter of good…...

2+ week, 1+ day ago   (1863+ words) I’m spending a lot of time thinking about high interest rates, both for obvious reasons and because I’m reconsidering some of my own long-held views. So I thought I’d have a long talk with someone who has really studied these…...

3+ week, 4+ day ago   (670+ words) Rising interest rates on government debt, in the United States and other countries, were at the top of the Financial Timeshome page and many other financial news sites yesterday. Indeed, long-term interest rates in many nations have reached levels not…...