Markets, power, and the choices that move them.
Long-form essays on capital, currency, and geopolitics — written with conviction, and mine alone.
Recent essays
For the Sake of All Our Sons
I woke somewhere over the Aleutians, in the dark of a wide-body 787 cabin that had been dimmed hours before, in the smal
The Country I Cannot Outrun
I was standing in the customs line at Haneda when the news reached me. That is the truth of it, and there is no more hon
The Country That Gave and the Country That Took
The country turns two hundred and fifty years old today. That is not a small number. Most countries do not last two hund
The Men Who Knew Better
There is a particular kind of grief reserved for the moment a man who knew better decides, in full view of the country,
The Arithmetic of Versailles
There is a particular American habit, older than any of us and more durable than our memory, of beginning a thing we do
The Peace That Some Cannot Afford: An Opinion
What follows is my opinion, and mine alone. A man can tell a great deal about a country by watching what frightens it,
Inflation Is a Choice: Notes on a Chairman's First Test
There is a kind of lie a country tells itself when it wants something for nothing, and we have been telling it for the b
What I Have Tried to Tell You
Tonight I am trying to figure out how to talk to my teenage sons. I have one boy who is fourteen and one boy who is seve
The Jurisdiction Thereof
There is a clause, written into the Fourteenth Amendment in 1868 by men who had just watched a war kill six hundred thou
Call It By Its Name
Israel is a terrorist state. We owe the dead the discipline of saying that out loud, in plain English, by the only stand
The Dollar Remembers What We Forget
There is a number that ought to keep a central banker awake, and the number is 3.8 percent. That is what the Consumer Pr
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