NEW YORK – Recent price implosions have shown that not all so-called stablecoins are so stable after all. As policymakers draft regulations to bring some order to the crypto industry, they should focus on the economic functions that various digital tokens perform, rather than on formal legalistic labels. With no intrinsic value, no backing ...

NEW YORK – Inflation at current levels is a severe economic, social, and political problem –a scourge that disproportionately affects the poor and the financially unsophisticated. So, why are the Federal Reserve, the European Central Bank, and the Bank of England actively fueling it? Major central banks have lost the plot when it comes ...

NEW YORK – Having unveiled a string of ambitious spending proposals, the Biden administration needs to come up with a way to generate an additional $4 trillion in revenue over the next ten years. But while it has no shortage of ideas, it will almost certainly come up short. Now that US President Joe Biden's administration has proposed an ...

LONDON – While the world has come a long way since the days when sovereign defaults where settled with gunboats, Argentina's recent restructuring shows that we still have not arrived at a sensible, orderly process. Beyond tweaks to the contractual framework, an entirely new governing mechanism is urgently needed. Sovereign default is ...

NEW YORK – To electoral observers who are heavily invested in the partisan outcome of the US elections, the delays in counting and free-wheeling allegations of fraud are enough to make November 2020 feel like the apocalypse. So why have stock prices gone on another tear? Even though uncertainty about the outcome of the US presidential election ...