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.
The GSIB Surcharge Is Un-American — But That’s Just the Start of the Problem
English Summary
The article argues that modern banking regulations, specifically the Global Systemically Important Bank (GSIB) surcharge and complex risk-weighted capital frameworks, are overly punitive and counterproductive to economic health. The author contends that the GSIB concept is flawed, as bank failure is not the primary systemic risk, and the existing regulatory rules are unnecessarily complex, creating compliance jobs rather than safety. For policy, the publication advocates for Congress to eliminate the GSIB surcharge and expand the use of simpler, non-risk-weighted ratios, ideally allowing banks, investors, and customers to determine optimal capital levels, aligning with free-market principles.
中文摘要
本文主張，當前的銀行監管規定，特別是全球系統重要性銀行（GSIB）附加費和複雜的風險加權資本框架，過度懲罰性，並阻礙了經濟的健康發展。作者認為，GSIB的概念存在缺陷，因為銀行倒閉並非主要的系統性風險；此外，現行的監管規則過於複雜，其結果是創造了合規性工作而非真正的安全保障。在政策建議方面，該出版物呼籲國會廢除GSIB附加費，並擴大採用更簡化的、非風險加權的比例，理想情況下應允許銀行、投資者和客戶自行決定最佳的資本水平，從而符合自由市場原則。
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