Losing Faith: The Costs of Mismanaging the Dollar

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Winston Churchill, the storied politician and former prime minister of the United Kingdom, once said, “I think I can save the British Empire from anything—except the British.” Churchill’s quote cleverly points out that great power decline is not just a function of external factors; often the worst wounds are self-inflicted. In recent weeks, observers around the globe watched with alarm as a dysfunctional American political system pushed the world’s most powerful economy to the brink of default. How could a country with so much global prestige and power risk both over petty partisan squabbling? Why would policymakers choose to squander […]

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