Kenneth Rogoff: Government Debt Is Not a Free Lunch

The Sunday Newsletter [View this message in a web browser]( [PS on Sunday]( DECEMBER 8, 2019 This week at [Project Syndicate]( Kenneth Rogoff argues that today’s ultra-low interest rates should not obscure the risks of sharply higher public borrowing; Joschka Fischer advises European leaders to act as if the US had already withdrawn its troops from the continent; Robert Skidelsky reflects on a new book advocating a constitutional regime based on a modernized Confucianism; and more. Join the conversation. Economics & Finance [Government Debt Is Not a Free Lunch]( [Kenneth Rogoff]( warns that, despite rock-bottom interest rates, higher public borrowing carries significant long-term risks. Politics & World Affairs [The Day After NATO]( [Joschka Fischer]( writes that French President Emmanuel Macron's argument for European defense autonomy is difficult to refute. Politics & World Affairs [China’s Quest for Legitimacy]( [Robert Skidelsky]( challenges the conventional Western view that China's only options are integrating with the West, trying to destroy it, or succumbing to domestic violence and chaos. Economics & Finance [The AI Frontier of Economic Theory]( [Thomas J. Sargent]( anticipates that big data and artificial intelligence will lead to new models of behavior and outcomes. [Mapping the Digital Economy in 2020]( On Point [Mapping the Digital Economy in 2020]( [Michael Spence]( and [Chen Long]( identify essential areas of inquiry for determining how to manage cutting-edge technologies, from mobile Internet to blockchain. Politics & World Affairs [Putin Means Money]( [Nina L. Khrushcheva]( says a recent raid on a physics institute shows that Russia's leaders put their own financial interests first. Politics & World Affairs [What’s Behind the Crisis of Democracy?]( [Harold James]( traces popular discontent to failures of representation that were baked into the post-1945 Western order. [Europe for Europe's Sake]( Big Picture [Europe for Europe’s Sake]( PS commentators consider what the political crisis within NATO will mean for European defense. Politics & World Affairs [Can Iran Outlast Trump?]( [Djavad Salehi-Isfahani]( frames the debate that is now raging in the Islamic Republic amid escalating international sanctions. Politics & World Affairs [Why African Cultural Restitution Matters]( [Patrick Gaspard]( argues that the return of looted artifacts is a crucial step toward addressing colonialism's damaging legacy. Project Syndicate celebrates its 25th anniversary with PS 25, a collection of our hardest-hitting commentaries so far. [Venezuela’s Struggle for Freedom]( [Venezuela’s Struggle for Freedom]( In 2017, [María Corina Machado]( called for unambiguous international support to help arrest a dangerous slide toward despotism. Economics & Finance [Why Countries Should Tax Global Income]( [Ricardo Hausmann]( contends that in a world of free movement of capital, efficiency and fairness require taxing worldwide earnings. Economics & Finance [Why Worry About Automation?]( [Christopher Pissarides]( raises three questions about the impact of today's digital technologies on the labor market. [Rich. Rewarding. Redefined.]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. This newsletter is a service of [project-syndicate.org](. © Project Syndicate, all rights reserved. [Unsubscribe from this list](