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The Crypto Emperor’s New Clothes

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Harold James, Peter Singer, Andrés Velasco, Kenneth Rogoff, Jonathan Levy

The collapse of several crypto platforms this year – including the spectacular crash of the second-largest cryptocurrency exchange, FTX – has raised fundamental questions about the credibility of a digital innovation once hailed as the key to democratizing finance. Has crypto finally been exposed as a scam, or will a new, stronger crypto industry emerge from the current turmoil?

  1. BQ – West Give in to Russia NurPhoto / Contributor via Getty Images

    Will the West Give in to Russia?

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    Shlomo Ben-Ami, Simon Johnson, Salome Samadashvili, Charles Tannock

    From soaring inflation to a deepening energy crisis, the United States and Europe are facing no shortage of economic challenges, and Russia’s war against Ukraine – and the sanctions imposed in response to it – bears much of the blame. As Russia launches new rounds of missile attacks, we asked PS commentators what the West should be doing for Ukraine – and how likely it is to do it.

  2. bildt104_Doug MillsPoolGetty Images_semiconductors Doug Mills/Pool/Getty Images

    Thucydides’s Trade Trap

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    Dani Rodrik, Pinelopi Koujianou Goldberg, Carl Bildt, Sergei Guriev, Nouriel Roubini

    When it comes to trade policy, the West has lately been embracing the adage, “Keep your friends close.” But will its failure to heed the maxim’s ironic kicker – “and keep your enemies closer” – ultimately hurt their economies, undermine their global standing, and perhaps most important, make war with China more likely?

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    What Do the Midterms Mean?

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    Daron Acemoglu, Jeffrey Frankel, Teresa Ghilarducci, Anne-Marie Slaughter

    Though US Republicans performed much worse than expected in this week’s midterm elections, they may yet secure a thin majority in the House of Representatives, with control of the Senate likely to be decided in a runoff in Georgia in December. At a time of deep polarization, soaring inflation, and heightened geopolitical tensions, we asked PS commentators what the election results mean for the US and the world.

  4. GettyImages-1436691411 Jeff J Mitchell / Staff via Getty Images

    Is Sunak “the One” for the UK?

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    Diane Coyle, Antara Haldar, Harold James, Anatole Kaletsky

    Britain’s new prime minister, Rishi Sunak, has vowed to lead the economy out of crisis and restore public trust in government. Given the scale of the challenges ahead – and that Sunak is Britain’s third prime minister in as many months – we asked PS commentators whether he can deliver.

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    Emperor Xi

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    Minxin Pei, Chris Patten, Jim O'Neill, Stephen S. Roach, Javier Solana

    In many ways, the just-concluded 20th National Congress of the Communist Party of China unfolded exactly as expected: President Xi Jinping touted the CPC’s achievements, packed the powerful Politburo Standing Committee with loyalists, and secured a norm-breaking third term as the Party’s general secretary. But the predictability of these developments does not make them any less momentous – and potentially dangerous – for China and the world.

  7. GettyImages-1433806879 Kevin Frayer / Stringer via Getty Images

    What’s Next for Xi’s China?

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    Yuen Yuen Ang, Kishore Mahbubani, Orville Schell, Yu Jie

    The 20th National Congress of the Communist Party of China has begun, and so far, President Xi Jinping has had a lot more to say about national pride and security than about the economy’s rapid downturn. With Xi set to be confirmed for an unprecedented third term, we asked PS commentators whether the country is headed down a self-destructive – even dangerous – path.

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    Russia on the Run

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    Josef Joffe, Nina L. Khrushcheva, Anders Åslund, Slavoj Žižek, Simon Johnson

    The Kremlin’s response to devastating Russian military setbacks in Ukraine has been to intensify its missile strikes on civilian targets, evoking nothing so much as the hapless flailing of a battered and gravely wounded giant. How desperate is Russian President Vladimir Putin, and how should the West respond to his increasingly unhinged rhetoric?

  9. GettyImages-1243621433 ALEXANDER NEMENOV / Contributor via Getty Images

    Is Putin in Peril?

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    Robert D. Kaplan, Dina Khapaeva, Mark Leonard, Angela Stent

    From alternate-reality annexations to fresh nuclear threats, Russian President Vladimir Putin seems more desperate than ever to project an image of strength after a string of battlefield defeats. As Ukrainian forces advance on Russian-occupied territories and hundreds of thousands of draft-age Russian men flee the Kremlin’s “partial mobilization,” we asked PS commentators to assess his prospects.

  10. GettyImages-1241893584 NurPhoto / Contributor via Getty Images

    King Dollar

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    Jeffrey Frankel, Dambisa Moyo, Mohamed A. El-Erian, Ernesto Talvi, Gautam Nair, Federico Sturzenegger

    In recent weeks, the US dollar has reached 20-year highs against key foreign currencies, and all-time highs against the Chinese renminbi and the British pound. What is sustaining the greenback’s surge, and what are its most significant consequences?

  11. GettyImages-1242343947 SOPA Images / Contributor via Getty Images

    Should Energy Companies’ Windfall Profits Be Taxed?

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    John H. Cochrane, Daniel Litvin, Yanis Varoufakis, Isabella M. Weber

    Imposing a one-off tax on energy companies’ extraordinary profits might seem like a no-brainer at a time of soaring inflation, but the idea has more than a few detractors. As policymakers in a growing number of economies move ahead, we asked PS commentators whether they are right to do so.

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    Will Ukraine Win?

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    Simon Johnson, Josep Borrell, Richard Haass, Slavoj Žižek, Dina Khapaeva, Andrei Kolesnikov, Denis Volkov

    Ukraine’s current counteroffensive, in which its forces have regained control of some 3,400 square miles (8,800 square kilometers) of the country’s territory, has raised hopes that a Russian defeat is possible, if not inevitable. But while Russia’s occupation has been weakened, Ukraine’s path to victory for remains long, arduous, and rife with pitfalls.

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    Is Europe Heading for Another Crisis?

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    Willem H. Buiter, Megan Greene, Daniel Gros, Paola Subacchi

    Russia’s shutdown of its main gas pipeline to Europe has further darkened the eurozone’s already-gloomy economic outlook. With inflation soaring, a recession appearing increasingly likely, and financing conditions beginning to diverge, we asked PS commentators just how much danger the European economy is in.

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