The magazine of international economic policy.


Black Gold or the Devil’s Excrement?

Fifty years ago, the OPEC nations announced an oil embargo aimed at countries that had supported Israel during the Yom Kippur War. Now fifty years later, another attack on Israel has upended expectations in the global oil market. Is petroleum the “devil’s excrement” that always brings “trouble—waste, corruption … and debt”? What have we learned since the 1973 crisis? Or have we learned nothing?

Featuring commentary from Ben Cahill, Jacques de Larosière, John M. Deutch, Mark Finley, Jeffrey A. Frankel, Steven Fries, Cullen S. Hendrix, Michael Hüther, Harold James, Richard Jerram, Gary N. Kleiman, Anne O. Krueger, Desmond Lachman, Michael Lind, Dan Mahaffee, Robert A. Manning, Thomas Mayer, Ewald Nowotny, Jim O’Neill, Daniel Pipes, Holger Schmieding, Edwin M. Truman, William R. White, and Chen Zhao.

A symposium of views

America’s Energy Path Forward

Break the hold of established legacy firms. Let innovation flourish, and avoid an energy “Groundhog Day.”

By Philip K. Verleger, Jr., recently named American Energy Society’s Energy Writer of the Year 2023.

Why the Oil and Gas Industry Ain’t Going Away

But these purveyors of the “devil’s excrement” will need to be reinvented.

By J. Robinson West

The Looming Global Savings Drought

Soon, Fed Chair Jerome Powell’s job will become a lot more complicated.

By Robert Dugger

Much Ado About Nothing

Why today’s financial market optimism is overblown.

By Mohamed A. El-Erian

Hail Jay!

There are two groups of Fed Watchers. Only one got it right.

By J. Bradford DeLong

How to Win the Economic War With China

The need for a new “Washington Consensus.”

By Robert D. Atkinson

Japan’s New Opportunity

An economy cannot be competitive without competitive firms. TIE Editor David Smick interviews noted analyst Rick Katz about his outstanding new book on how Japan can free itself from its “lost decades.”

The book: The Contest for Japan’s Economic Future: Entrepreneurs vs. Corporate Giants by Richard Katz (Oxford University Press 2023).

Some Thoughts on Financial Communication

The emergence of the new media landscape.

By Mansoor Dailami

Off the News

The creeping nationalization of U.S. debt markets; the Greek miracle.

View from the Beltway

Is the Fed’s Powell the new Maestro? Or just a lucky guy?

By Owen Ullmann

Letter from Berlin

Deutschland debacle. The court’s fiscal boot is on the neck of the ruling coalition.

By Klaus C. Engelen