Fifteen years after the collapse of the US investment bank Lehman Brothers triggered a devastating global financial crisis, the banking system is in trouble again. Central bankers and financial regulators each seem to bear some of the blame for the recent tumult, but there is significant disagreement over how much – and what, if anything, can be done to avoid a deeper crisis.
CAMBRIDGE – Approaching the end of his first year as president, Barack Obama has taken a bold step in deciding to increase the number of American troops in Afghanistan to over 100,000. Critics on the left point out that the Korean War crippled Harry Truman’s presidency, just as the Vietnam War defined Lyndon Johnson’s administration. Obama thus risks becoming the third Democratic president whose domestic agenda will be overshadowed by a difficult war.
But critics on the right have complained that Obama’s approach to foreign policy has been weak, too apologetic, and overly reliant on soft power. They worry about Obama’s promise to begin withdrawing American troops from Afghanistan 18 months after the surge.
Obama inherited a fraught foreign policy agenda: a global economic crisis, two
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