The China-Russia partnership is a highly consequential geopolitical alignment driven by a shared goal of countering U.S. hegemony and reshaping the international order into a multipolar system. While not a formal alliance, this relationship is strengthened by Russia's increasing economic reliance on China following Western sanctions, which allows Beijing to leverage its influence. Policymakers should note that while the partnership projects deep solidarity (as seen in high-level summits), it remains complex and limited by mutual mistrust and competing strategic interests. This enduring alignment poses a significant challenge to U.S. interests and requires continued diplomatic vigilance.
Remarks by Janet L. Yellen at “The Powell years at the Fed: A retrospective”
English Summary
At a retrospective on Jay Powell’s tenure as Fed Chair, Janet Yellen argued that Powell’s leadership was exceptionally successful, particularly in navigating the 2021-2022 inflation episode. Key to this success was a consistent approach of ‘looking through’ supply-driven inflation, recognizing that aggressive monetary policy responses would have resulted in unacceptable unemployment costs. Yellen emphasized the importance of maintaining anchored inflation expectations and cautioned against prematurely abandoning this strategy, even when demand factors were involved. Furthermore, she highlighted Powell’s proactive approach to financial stability, exemplified by his swift interventions during the 2020 liquidity crisis and the SVB collapse, stressing the need for a supervisory culture focused on preemptive risk management.
中文摘要
在對傑伊·鮑爾就任聯準會主席期間的反思性回顧中，珍妮特·葉倫認為鮑爾的領導力在許多方面都非常成功，尤其是在有效應對 2021 年至 2022 年的通貨膨脹問題方面。 這一成功的主要因素是對供應端推動的通貨膨脹採取的一貫‘視而不見’策略，承認如果採取過於激進的貨幣政策，將會導致不可接受的失業成本。 葉倫強調了維持通貨膨脹預期穩固的重要性，並警告不要過早放棄這一策略，即使需求因素也存在。 此外，她還強調了鮑爾在維護金融穩定方面的積極做法，例如他對 2020 年流動性危機和 SVB 崩潰的迅速干預，並強調了以預防性風險管理為重點的監管文化的需求。
Related Entries
-
1.
-
2.
The article argues that the U.S., through recent policy signals—such as questioning NATO's value or sympathizing with great-power territorial claims—is inadvertently adopting the core tenets of non-alignment, prioritizing transactional national interests over binding alliances. Historically, while non-alignment allowed developing nations to gain benefits without commitment, the analysis notes that this approach lacks the deep trust and shared obligations necessary for robust security structures. The implication is critical: by undermining established alliances, the U.S. risks losing its greatest strategic asset—the network of mutual commitments—as allies actively seek alternative bilateral or regional defense pacts.
-
3.
The roundtable established that implementing generational bans represents a powerful, long-term strategy for tackling deeply entrenched public health crises like tobacco use. Using the UK’s permanent ban on selling cigarettes to those born after 2009 as key evidence, experts analyzed how such policies fundamentally alter market dynamics and consumer behavior over time. These lessons suggest that other nations facing persistent addiction challenges should consider adopting similar age-gating or generational restrictions to accelerate decline and set a precedent for future public health policy interventions.
-
4.
The CSIS analysis finds that the U.S. grid's regulatory framework for connecting large loads is severely fragmented and unprepared for the massive electricity demands posed by AI data centers. FERC has mandated significant reforms across six regional operators, requiring them to modernize interconnection studies, prevent cost-shifting, and establish clear tariffs for co-located generation. Evidence shows that most operators fall far short of these new standards, necessitating complex, multi-year policy adjustments rather than simple compliance. Policymakers must coordinate federal regulation (FERC) with state utilities to accelerate grid modernization, ensuring energy affordability while maintaining technological competitiveness.
-
5.
The Brookings report argues that while modern economies are fundamentally regional in nature, effective governance requires states to align their authority and resources with empowered local cross-sector networks. Current state economic development systems are often fragmented and ill-equipped to manage structural shifts like AI or the energy transition. To modernize, policymakers must adopt a structured 'state-regional' model where states define strategic clusters and allocate capital, while regions coordinate execution using deep local knowledge. This approach has proven successful in catalyzing billions in private investment by ensuring state resources are deployed strategically across multiple sectors to achieve measurable economic growth.