The Sanctions Paradox and the Uneven Search for Alternatives to the Greenback In February 2022, Western governments placed an estimated $300 billion in Russian central-bank assets held abroad beyond Moscow’s reach in a matter of days. The decision exposed a…
The era of abundant, affordable food may be giving way to a more expensive and unstable future. For most of human history, a bad harvest meant hunger. Grain reserves were thin, transport was slow, and a single failed season in…
Why Geography Is Beating Globalization Again Geography was supposed to stop mattering. Container shipping, free trade agreements, and the internet promised a world where a company could build almost anywhere and sell everywhere. For a while, that promise held. Today…
Why the Infrastructure Boom Is Creating a Growing Repair Bill Every road, bridge, power line, and water pipe does two things the moment it is finished. It becomes an asset that a country can use, and it becomes an obligation…
How Digital Dollars Are Quietly Rewriting Global Finance A company most people have never heard of now holds more US government debt than South Korea. Tether, the issuer behind the stablecoin USDT, held roughly 141 billion dollars in direct and…
