Kent Harrington, George Soros, Lucrezia Reichlin, and more in Behind the Headlines

Also featuring Richard Haass, Willem H. Buiter, Pinelopi Koujianou Goldberg, and more [View this message in a web browser]( [PS Behind the Headlines]( MARCH 22, 2023 [Click to read]( [What Do America's Spies Really Think About China?]( [Kent Harrington]( thinks the intelligence community’s annual threat assessment should have delved deeper on the issue. [Click to read]( [Updating My Munich Predictions]( [George Soros]( sees more reason to be pessimistic about climate change, and more reason to be optimistic about Ukraine. Inflation Comes First The failure of Silicon Valley Bank and other banks caught out by the US Federal Reserve’s interest-rate hikes has stirred debate about what the central bank’s next steps should be. This week at PS, Willem H. Buiter and Michael R. Strain argue that the Fed should ignore concerns about the implications of another large rate hike for financial stability and move aggressively on the inflation front. --------------------------------------------------------------- [Price Stability vs. Financial Stability?]( [Willem H. Buiter]( thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation. --------------------------------------------------------------- [The Fed Must Not Flinch]( [Michael R. Strain]( urges the US central bank to continue raising interest rates, despite signs of financial-sector fragility. [PS. Register now for our next virtual event, What Economics Is Missing.]( [Fifty Years of Floating Currencies]( [Jeffrey Frankel]( explains why the shift toward exchange-rate flexibility after 1973 was not a policy failure, as many believed. [Lessons from the SVB Collapse]( [Lucrezia Reichlin]( considers what the bank’s failure should mean for the current financial-stability framework. [PS Say M/ore]( [Richard Haass on Russia, Taiwan, and US democracy]( [Richard Haass]( explains what caused the Ukraine war, urges the West to scrutinize its economic dependence on China, proposes ways to reverse the dangerous deterioration of democracy in America, and more. [Peace Requires Betrayal]( [Shlomo Ben-Ami]( shows why Ukraine and Russia will most likely have to pursue an unpopular endgame to stop the bloodshed. [What the World Bank Can Do About Climate Change]( [Pinelopi Koujianou Goldberg]( explains how the institution can maximize its contribution to the global net-zero agenda. [PS. Subscribe to PS Premium to receive your copy of PS Quarterly: Paradigm Shifts.]( [Facebook]( [Twitter]( [LinkedIn]( 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. Receipt of this newsletter does not guarantee rights to re-publish any of its content. This newsletter is a service of [Project Syndicate](. [Change your newsletter preferences](. Follow us on [Facebook]( [Twitter]( and [YouTube](. © Project Syndicate, all rights reserved. [Unsubscribe from all newsletters](.