The magazine of international economic policy.

From the Summer 2021 issue:
Three Days at Camp David, 1971

From the Founder: Statecraft in search of a vision.

By David M. Smick

The Weekend That Changed the World

TIE Founder and Editor David Smick interviews Jeffrey Garten, author of the new book Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy, which argues that there are many parallels between August 1971 and August 2021. The currency move was only part of the story.

From Dick Nixon to Joe Biden

Fifty years of global economic triumph and disappointment.

By Robert B. Zoellick

Bretton Woods 1971–2021

The birth of the new age of modern markets.

By David C. Mulford

Nixon, the Dollar, and the Emerging New Money Revolution

The emergence of weightless globalization.

By Harold James

1971 and the Undermining of Fed Independence

Today the U.S. central bank’s sense of a shared mission with the administration has been internalized.

By Roger Lowenstein

Oil and August 15th

An unintended consequence of the three days at Camp David: the complete reconstruction of the global petroleum system.

By Philip K. Verleger, Jr.

The Reincarnation of John Connally

Could Trump’s crude, bullying global shocks play the same role as the Connally/Nixon shocks did in 1971?

By C. Fred Bergsten

A Highly Symbolic Act

Though symbolic, the 1971 changes were a major catalyst for development of the European Monetary Union and the euro.

By Otmar Issing

The Nixon Shock and the Trading System

The difference between the Nixon and Trump experiences.

By Douglas Irwin

Gold, the Dollar, and What Comes Next

The greenback may be felled not by a pair of giants, but by a swarm of midgets.

By Barry Eichengreen

The Late 1990s Fatal Hubris

How the Camp David decisions produced policies that failed to recognize capitalism’s intertemporal nature.

By Bernard Connolly

Global Markets Today

View from the Beltway

The case for humility: The experts grapple with understanding inflation.

By Owen Ullmann

What About the Risk of a Bursting Asset Bubble?

The global economic policy world is in the midst of a debate over the risk of inflation, including the definition of the word “transitory.” But what about the risk of the bursting of an asset bubble? More than twenty noted observers share their views and rate the risks.

More than twenty noted observers rate the risks: Laurence M. Ball, Lorenzo Codogno, Mohamed A. El-Erian, Jeffrey A. Frankel, Joseph E. Gagnon, James E. Glassman, Gregory D. Hess, Richard Jerram, Jacob Funk Kirkegaard, Richard C. Koo, Robert E. Litan, J.W. Mason, Thomas Mayer, Thomas Mirow, Ewald Nowotny, Jim O’Neill, Adam S. Posen, Holger Schmieding, Robert J. Shapiro, Marc Sumerlin, and William R. White.

A symposium of views

Is the Dollar in Trouble?

If the dollar continues to deteriorate, and as east Asian countries peg their currencies to the Chinese currency to maintain exchange rate stability, the greenback could lose its key currency status by the end of the 2020s, just as it did in Europe in the 1970s.

By Gunther Schnabl

The Economic Profession’s Artificial Narrative

The increasingly anachronistic capital versus labor debate.

By Seth Levine and Elizabeth MacBride

“Crypto” Is Losing

The issues are climate and trust. But the crypto community is fighting back.

By Chi Lo


Letter from Berlin

German Election Scorecard. The bursting of the Greens’ Baerbock bubble and the emergence of the CDU’s Laschet. But the Greens aren’t going away.

By Klaus C. Engelen