Resurrecting Creditor Adjustment

LONDON – With all the protectionist talk coming from US President Donald Trump’s administration, it is surprising that no one has mentioned, much less sought to invoke, an obvious tool for addressing persistent external imbalances: the 1944 Bretton Woods Agreement’s “scarce-currency clause.” That clause, contained in Article 7 of the agreement, authorizes countries, “after consultation … Continue reading Resurrecting Creditor Adjustment

“Never explain, never apologise”: a review of David Kynaston’s history of the Bank of England

David Kynaston's Till Time's Last Sand reveals how the Bank's relationship with government—from the gold standard to the Crash—have shaped the nation's economy since 1694 David Kynaston is a wonderful social historian, with three massive volumes on post-war Britain and many others to his name. He has been a leading practitioner of “history from below,” … Continue reading “Never explain, never apologise”: a review of David Kynaston’s history of the Bank of England

A Trip Through Putin Country

VLADIVOSTOK – Russia’s Baikal-Amur Mainline (BAM) railway “can be hardly named as a popular tourist attraction,” says one tourist website of the some 2,000-mile railway traversing Eastern Siberia and the Russian Far East. “Most people even never [sic] heard of it.” The BAM’s older rival, the Trans-Siberian Railway, is certainly more popular. Since opening in … Continue reading A Trip Through Putin Country

Russia’s Nonprofit Spies

LONDON – Nothing so riles Western opinion about Russia today as its law on foreign agents. Enacted in July 2012, the law requires all non-commercial organizations (NCOs) engaged in (undefined) “political activities” to register with the Ministry of Justice as “carrying functions of a foreign agent.” A follow-up measure in 2015, the “Undesirable Organizations” law, … Continue reading Russia’s Nonprofit Spies