Essays & News

  Over the past year and until the current Iran war, the United States dollar has offered a mixed picture in two respects. Its exchange rate has weakened against the euro and the British pound (from 0.95 to 0.85 and from 0.79 to 0.74, respectively), but strengthened against the yen (from 150 to 155). At […]

  Since Russia’s full-scale invasion of Ukraine in February 2022, the country has become one of the most heavily sanctioned in modern history. Unprecedented and coordinated measures from the United States, European Union, United Kingdom, Japan, Canada, Australia and other allied countries have targeted nearly every major sector of the Russian economy. Energy exports face […]

  The United States and Israel have struck the regime in Tehran, eliminating the supreme leader and several key figures responsible for oppressing Iran. For more than 45 years, the Iranian people have suffered under a brutal authoritarian and terrorist system. These strikes are necessary and justified. They represent an opportunity. The Middle East has long been plagued […]

Left critics blame capitalism for what cronyism does. Right critics blame immigrants for what criminals do. The logic is the same — and it’s wrong in both cases.   Political debate has a remarkable capacity to produce mirror-image errors. Thinkers on opposite ends of the spectrum, convinced they have nothing in common with their opponents, […]

  For much of the postwar era, macroeconomic policy rested on an intuition famously formalized by the Phillips curve: Economic slack, typically associated with high unemployment, and inflation tend to move in opposite directions. Weak growth cools prices; overheating pushes them up. Monetary policy can therefore stabilize one variable by leaning against the other. Stagflation […]