From the Winter 2026 issue:
Exploding Fed Balance Sheets Forever?
Under such a policy, will banks take dangerous forever-larger risks?
Time to kill inflation targeting.
Why central bank digital currency is the only monetary foundation that will work.
Why the natural real interest rate remains low.
AI’s effects are unpredictable.
The Risks of Financial Over-Deregulation
Is financial deregulation under Trump risking another U.S. financial crisis?
Does American Capitalism Need to Be Reimagined?
Is there an alternative approach that would reimagine or reengineer American capitalism, reduce extreme wealth inequality, and make the future better for working families? Are there incentives that could lead to working folks becoming a part of the investor class? Or is the status quo the only realistic option?
Featuring commentary by Jennifer Burns, William R. Cline, Mohamed A. El-Erian, Benjamin M. Friedman, James K. Galbraith, Kevin P. Gallagher, Peter E. Harrell, Benjamin H. Harris, Harold James, Desmond Lachman, Michael Lind, Zongyuan Zoe Liu, David R. Malpass, Mark Sobel, Edwin M. Truman, and Chen Zhao.
Eichengreen on Global Currencies
An exclusive interview with Barry Eichengreen, the author of the compelling new book Money Beyond Borders: Global Currencies from Croesus to Crypto.
Think the United States and China Are Decoupling?
Think again.
Its economic challenges are herculean.
The Iran War and the Energy Transition
More painful than expected.
Message to D.C.: The transition is coming.
Don’t underestimate Kevin Warsh, Republican control of the Senate, a dual mandate for the ECB, and accelerating the end of fossil fuels.
Warlord Donald: Goodbye bipolar superpower world.
Merz asserts himself. But does he have a game plan?