Since last year, authorities in China have been conducting pilot programs for the country’s new digital currency. The project, which Beijing has been researching since 2014, is an example of what’s known as a central bank digital currency, which a number of other countries are experimenting with, but few of them are at as advanced a stage as China. A top official at China’s central bank recently expressed hope that the digital yuan would be ready for testing with foreign visitors and athletes during the 2022 Winter Olympics in Beijing. Beijing’s progress on its digital currency has led some commentators […]
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When U.S. President Joe Biden announced his decision last week to fully withdraw American troops from Afghanistan by Sept. 11, 2021, he justified it in part by pointing to an agreement signed by the Trump administration committing the U.S. to withdrawing by May 1. But he spent more time highlighting the disconnect between the original reasons the U.S. deployed its military to Afghanistan and the reasons now being used to justify its continued presence. “War in Afghanistan,” he said, “was never meant to be a multi-generational undertaking.” And yet, as Biden acknowledged in his speech, that is just what the […]
One of President Joe Biden’s first actions after taking office in January was to agree with Russian President Vladimir Putin on extending the New Strategic Arms Reduction Treaty. Better known as New START, it is the last remaining nuclear arms control agreement between Washington and Moscow, verifiably limiting each country to no more than 1,550 deployed nuclear warheads and 700 deployed delivery systems. The renewal of New START was widely welcomed by experts, given its important role in limiting the number of deployed nuclear weapons in the world. In a phone call this week, Biden and Putin discussed their intent […]
Throughout Donald Trump’s presidency, a recurring theme among the Washington foreign policy establishment was how to repair the damage he was doing to America’s global standing. For many, particularly the centrist current of the Democratic party, that meant restoring the traditional approach to American foreign policy that Trump consistently undermined during his four years in office. But some figures on the party’s more progressive left wing saw returning to the status quo ante as insufficient. People like Reps. Ilhan Omar, Rashida Tlaib and Ro Khanna, as well as Sen. Bernie Sanders, began expanding the range of policy discussions and debates, […]