The New Rules: The End of the U.S. Security Backstop

The global financial crisis was a true system perturbation, revealing the gap between widely perceived risk and actual underlying risk in the world’s increasingly integrated financial system. As with any such vertical shock, the resulting horizontal waves continue to be felt long after the initial blow. When gaps in capabilities and rule-sets were subsequently discovered, the world’s major economies effected changes, like shifting economic oversight from the G-7 to the expanded G-20 and updating the Basel banking accord. In a world without true global government, these surges of great-power cooperation constitute a critical reassurance function, letting us know that an […]

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