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PS Commentators Respond: Is a New Financial Crisis Underway?

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Harold James, Simon Johnson, Stephen S. Roach, Kenneth Rogoff, Anne C. Sibert

The US government’s pledge to do “whatever is needed” to protect the banking system after Silicon Valley Bank’s collapse last week did little to reassure markets, which have continued to slide. At a time when the US Federal Reserve is considering further interest-rate hikes to tame inflation, we asked PS commentators how bad things are likely to get, for the US and the world.

  1. BQ - big tech Anna Moneymaker / Staff via Getty Images

    PS Commentators Respond: Can the US Rein in Big Tech?

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    Anu Bradford, Tim O'Reilly, Ilan Strauss, Mariana Mazzucato, Tommaso Valletti

    While the European Union has gradually tightened the screws on tech giants, America’s regulatory bark has so far been bigger than its bite. With Big Tech’s competition-crushing market power continuing to grow, we asked PS commentators why the US continues to lag, and what it would take to make real progress.

  2. BQ - end ukraine Mark Kerrison / Contributor via Getty Images

    Everything Flows in Ukraine

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    Shlomo Ben-Ami, Nina L. Khrushcheva, Frans Timmermans, Richard Haass, Harold James

    More than a year after Russia launched what was widely expected to be a quick rout of Ukraine’s forces, both sides are preparing for yet another round of offensives. As the United States and Europe reaffirm their support for Ukraine, the question of what it will take to end the war is more urgent – and complicated – than ever.

  3. BQ - Turkey quake BULENT KILIC / Contributor via Getty Images

    PS Commentators Respond: Will the Earthquake Be a Political Game-Changer for Turkey?

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    Seyla Benhabib, Şebnem Kalemli-Özcan , Sinan Ülgen

    Recent deadly earthquakes in southern Turkey – which have also devastated northwest Syria – have put President Recep Tayyip Erdoğan and his Justice and Development Party (AKP) under intensifying pressure. With some 46,000 people killed, and the fallout continuing to grow, we asked PS commentators whether the tragedy will lead to a significant political shakeup after 20 years of AKP rule.

  4. BP Japan security Anadolu Agency / Contributor via Getty Imgaes

    Japan’s Bet on Hard Power

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    Joseph S. Nye, Jr., Bill Emmott, Brahma Chellaney, Taniguchi Tomohiko, Abe Shinzō

    Prime Minister Fumio Kishida’s push to strengthen Japan’s military capabilities marks a profound shift for a country with pacifism enshrined in its constitution, but Japanese strength is increasingly viewed as vital to counter Chinese expansionism. Basic questions about the country’s new strategic posture remain unanswered, however – including its ability to implement its ambitious plans.

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  6. BQ AI tipping point NurPhoto / Contributor via Getty Images

    PS Commentators Respond: What Lies Beyond the AI Tipping Point?

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    Andrea Komlosy, Sami Mahroum, Stan Matwin, Gabriela Ramos

    The release of OpenAI’s ChatGPT less than three months ago has fueled feverish debate about the risks, challenges, and opportunities raised by artificial intelligence. With companies pouring billions of dollars into the technology, we asked PS commentators whether and how the world as we know it is about to be transformed.

  7. BP inflation hawks China News Service / Contributor via Getty Images

    The Flight of the Inflation Hawks

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    Raghuram G. Rajan, Joseph E. Stiglitz, James K. Galbraith, Lucrezia Reichlin

    Though the US Federal Reserve’s first interest-rate hike of 2023 is smaller than those that preceded it, policymakers have signaled that more increases are on the way, despite slowing price growth. But there is good reason to doubt the utility – and fear the consequences – of continued rate hikes, on both sides of the Atlantic.

  8. BQ china india Oleksii Liskonih via Getty Images

    PS Commentators Respond: Could the “Chinese Century” Belong to India?

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    Pranab Bardhan, Brahma Chellaney, Pinelopi Koujianou Goldberg, Yi Fuxian

    From demographics to trade to GDP growth, China is currently struggling precisely where India seems to be thriving. At a time when the global economy’s center of gravity is shifting to Asia, we asked PS commentators whether India’s rising star will soon outshine China’s.

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    A Global Debt Explosion?

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    Nouriel Roubini, Kenneth Rogoff, José Antonio Ocampo, Anne O. Krueger, Dani Rodrik, Reza Baqir, Ishac Diwan

    The world is buckling under the weight of its debts. With interest rates – and thus debt-servicing costs – set to continue to rise, and global growth unlikely to pick up any time soon, the risk of crisis is mounting in developed and developing economies alike.

  10. BQ - trumpism Kent Nishimura / Contributor via Getty Images

    PS Commentators Respond: Will Trumpism Win or Wane in 2023?

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    Ruth Ben-Ghiat, Ian Buruma, Reed Galen, Alex Hinton

    As Donald Trump prepares for his 2024 presidential run, Republican Party extremists have been making their presence known in Congress, not least by repeatedly blocking their own party’s choice for Speaker of the US House of Representatives. As a year of pre-election political jockeying begins, we asked PS commentators to assess whether Trump can maintain his hold on the Republican base.

  11. BP – Sick China SOPA Images / Contributor via Getty Images

    The Sick Man of Asia

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    Joschka Fischer, Nancy Qian, Shang-Jin Wei, Stephen S. Roach, Joseph S. Nye, Jr.

    The rapid removal of zero-COVID restrictions in China has not only fueled a massive surge in infections; it has also generated precisely the kinds of economic headwinds it was supposed to ease. Yet China’s problems extend well beyond the jarring exit from its draconian pandemic-control policy, and doubts about its leaders’ ability to overcome them are mounting.

  12. BQ - 2023 crisis NurPhoto / Contributor via Getty Images

    Will 2023 Be a Year of Economic Crisis?

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    Anat Admati, Jim O'Neill, Eswar Prasad

    Just when the world saw a glimmer of light at the end of the pandemic tunnel, Russia launched its war against Ukraine, stoking inflation and impeding economic recovery in developed and developing countries alike. As 2022 ends, we asked PS commentators whether the global economy’s prospects are set to go from bad to worse in the coming year.

  13. BP - china protests Kevin Frayer / Stringer via Getty Images

    The Zero-COVID Revolution?

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    Shang-Jin Wei, Qian Liu, Minxin Pei, S. Alex Yang, Angela Huyue Zhang, Nancy Qian, Yi Fuxian

    After tens of thousands of Chinese took to the streets in cities throughout the country, China’s government has begun to loosen pandemic restrictions. But, while an exit from the controversial zero-COVID policy was long overdue, the path ahead is strewn with pitfalls, and hopes for a sustained wave of Chinese popular resistance are likely misplaced.

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