As the Dispatch recognizes, much of the discussion of cryptocurrencies is obscured by the fact that people do not understand what they are. Monetary theory tells us that currency – fiat, crypto, or otherwise – must perform as three functions: medium of exchange, store of value, and unit of account. As speculative assets, cryptocurrencies fall...
The Arctic debate appears to present a conflict between long-term necessities and short-run priorities. In the long run, mitigating the climate crisis will necessitate multilateral cooperation, with Russia and China as integral parts. However, deterrence is the only policy that can credibly commit the U.S. to defend its Arctic interests. Abandoning the Arctic could invite...
