January 25, 2023Analysis
War, energy, and NATO’s new climate framework
This essay first appeared in GREEN, a journal from Groupe d’études géopolitiques. When NATO held its two-day summit in Madrid in June 2022, the Spanish government deployed ten thousand police officers to cordon off entire parts of the city, including…
December 8, 2022Analysis
Money and the Climate Crisis
COP27 and financing the green transition
The conclusion of COP27 reflected persisting uncertainties around coordinated global action towards decarbonization. Major agreements—including the establishment of a loss and damage fund—were reached, but the burden of mounting debt among global South countries continued to limit climate ambition. The…
July 7, 2022Interviews
The IMF & the Legacy of Bretton Woods
Global South debt crises and the evolution of the international monetary system
Fifty years on from the collapse of the Bretton Woods system, the role of the international monetary system and international financial institutions in managing the global economy are in question.
April 27, 2022Analysis
The evolution and weaponization of the world dollar
The centerpiece of shock and awe of the West’s economic response to Russia’s invasion and bombardment of Ukraine was the freezing of Russia’s central bank assets. In the March 7 edition of his Global Money Dispatch newsletter, the Credit Suisse…
February 3, 2022Analysis
Acute Dollar Dominance
The dollar system, original sin, and sovereign debt since the pandemic.
In early 2020, the “dash for cash” in the US Treasury market prompted the Fed to relaunch its dollar swap lines, which it eventually did in mid-March of that year. In the aftermath of the 2008 Global Financial Crisis (GFC),…
June 8, 2021Analysis
The Crisis Canal
Trade, bond markets, Suez, and the Ever Given.
Why did the Ever Given capture our collective imaginations? At the end of its week in the spotlight, the poet Kamran Javadizadeh wrote: “I too am ‘partially refloated,’ I too remain stuck in the Suez Canal.” Two fluorescent yellow-vested construction…