FP This Week: The cryptocurrency crash is replaying the 2008 financial crisis

Also, join a discussion about the changing energy climate. [Foreign Policy Flashpoints]( May 17, 2022 | [View in browser]( To access all the benefits of an FP subscription, [sign in]( or [subscribe](. Thanks for reading. Cryptocurrency and killer robots: Two of FP’s most popular pieces this week made the case that the future is here, and that it needs regulation, fast. “The cryptocurrency industry has persistently tried to worm its way into systemically risky corners of the economy,” [writes]( blockchain expert David Gerard, in a piece that argues the cryptocurrency crash is replaying the 2008 financial crisis “in absurd miniature.” As for lethal autonomous weapons, academics Robert Trager and Laura Luca are [sounding]( the alarm. “Swarms of robots with the ability to kill humans are no longer only the stuff of science fiction,” they write—and yet, “the international community has done nothing more than agree that the issue needs to be discussed.” –The Editors --------------------------------------------------------------- New and Noteworthy - The Future of Money: Cryptocurrencies hold tremendous potential to improve the financial system, but absent decisive action by regulators, stablecoins may not receive the oversight and regulatory clarity they need, posing serious risks to global monetary stability. For a deeper dive, FP Analytics’ three-part “[Future of Money Power Map]( series examines the new technologies, economic power shifts, and geopolitical tensions driving changes in the international financial system. - COVID-19: U.S. President Joe Biden co-hosted a virtual Global COVID-19 Summit alongside the leaders of Belize, Germany, Indonesia, and Senegal last week. The summit focused on global vaccine and therapeutics distribution as well as preparations for future pandemics. For more on the state of the pandemic around the world, read our latest articles [here]( and [watch]( FP’s Q&A with the American medical advisor Anthony Fauci. - Global Energy Outlook: As the Russian invasion of Ukraine rattles the global order, energy markets continue to face turmoil. Join Keith Johnson, FP’s deputy news editor, as well as Meghan O’Sullivan and FP columnist Jason Bordoff for a [live and in-depth discussion]( about the changing energy climate. May 19, 12 to 12:30 p.m. EDT. --------------------------------------------------------------- It’s Debatable: Intervention or Restraint? A Washington debate on pressing issues for policymakers from columnists Emma Ashford and Matthew Kroenig. Emma Ashford: Victory Day in Moscow has come and gone without any major changes to the course of the war, to the chagrin of a lot of pundits, who were predicting that President Vladimir Putin would do something dramatic in his May 9 speech, like declare full mobilization of the Russian military against Ukraine. Instead, all we got was the usual parade and a speech full of warmed-over grievances against the West. ​Matthew Kroenig: You are right that many were predicting something dramatic, but, to be honest, I wasn’t surprised. Putin’s economy is reeling, and his conventional military is chewed up. He doesn’t have the capacity for a major escalation. It is no wonder that Moscow is relying more on nuclear threats in recent days; that’s all it has left. Next thing you know the Russians will be [threatening to bleed on us.]( EA: Yeah, apparently the Russian military couldn’t invade [an Epcot pavilion](, never mind a real country. So I guess the big question is where the war goes from here. It seems the Russians are making minor advances in eastern Ukraine, along with continued random rocket attacks and airstrikes elsewhere in the country; they’re doing better than they were in the first few weeks of the war, but that’s not saying much. Which is part of why I find it baffling that the U.S. Congress is poised to pass a new $40 billion authorization for new shipments of weapons and aid to Ukraine—$7 billion more than the White House even asked for! They’re not even allotting time for a proper debate over this money, and yet it’s around 5 percent of what the United States spends on defense in a given year. If you put together all the money America has spent in Ukraine so far, it totals close to the [State Department’s annual budget](! Isn’t it time we thought about the endgame for this conflict, rather than just throwing more money at the problem? MK: I think that is exactly what Washington is looking for. The endgame is Ukraine wins, Russia loses. Why let a murderous dictator off the hook that he put himself on? The West should keep pressing until Ukraine is free and Russia is put back in a box. [Continue reading]( --------------------------------------------------------------- Most Popular on FP - [Stop Falling for Russia’s Delusions of Perpetual Victory]( By Mart Kuldkepp - [Could Sabotage Stop Putin From Using the Nuclear Option?]( By Douglas London - [While America Slept, China Became Indispensable]( By Howard W. French - [The World Ignored Russia’s Delusions. It Shouldn’t Make the Same Mistake With India.]( Sushant Singh - [Ukraine’s Military Pulled Itself Out of the Ruins of 2014]( By Adrian Bonenberger --------------------------------------------------------------- From Around FP - In-Demand IR Careers: Leaders from prominent universities were interviewed for a special career-focused [FP Guide](. They share context for recent employment trends and discuss some of the most in-demand careers for aspiring global leaders, as well as the complementary master’s degree programs that are preparing students for these important roles. - Tech Regulations—A National Security Threat?: Join FP for a [two-part series]( produced in partnership with the Computer & Communications Industry Association (CCIA), engaging experts working at the intersection of technology, policy, and geopolitics to discuss the potential implications of proposals in front of Congress. This series will be informed by research from FP Analytics, which elevates the prospective impacts of pending legislation focused on the tech sector. - Fuel Your Workday: Check out the full slate of upcoming [events]( and catch up on recordings from [past discussions]( including a timely conversation about safeguarding journalists in an increasingly volatile world, available on-demand [here]( Are you interested in learning more about FP Analytics’ cutting-edge research services, hosting an FP Virtual Dialogue event, or building a podcast with FP Studios? [Explore partnership opportunities](. Would you like to enable organization-wide access to Foreign Policy to maximize your savings? [Learn more](. --------------------------------------------------------------- If it happens out there, it’s analyzed in here. Dive well below the headlines, anytime, anywhere, to examine the latest policy developments with rigorous analyses and award-winning journalism. 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