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21. The Soviet Collapse: Grain and Oil

Author:
Yegor Gaidar
Publication Date:
04-2007
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
In the summer of 2002, after the Russian government introduced the flat income tax, completed fiscal reforms, created the Stabilization Fund, and introduced land reform in Russia, I had a premonition that the window of opportunity for further reforms would be closing for a number of years. I was correct in my prediction.
Topic:
Economics, Energy Policy, and International Trade and Finance
Political Geography:
Russia, Europe, Asia, and Soviet Union

22. What Is Tight Money?

Author:
John H. Makin
Publication Date:
03-2006
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Concerns over deflation have dominated monetary policy during the past several years in Japan, and also in the United States as recently as 2003. As a result, the Bank of Japan and the Federal Reserve have been highly accommodative. In Japan, this took the form of a zero interest rate. In the U.S. context, it was manifest in rates at well below normal yardsticks, such as nominal GDP growth that would call for U.S. policy interest rates close to 6 percent rather than at current levels below 5 percent. Unusually accommodative monetary policies and the substantial liquidity flows they have entailed have boosted asset values and compressed risk spreads. Consequently, demand growth has persisted at high levels for long enough to cause modestly higher inflation. The time has come for tighter monetary policy, and central banks in the United States, Europe, and Japan have all begun to apply it.
Topic:
Economics and International Trade and Finance
Political Geography:
United States, Japan, Europe, Israel, and East Asia

23. Bond Market Bubble?

Author:
John H. Makin
Publication Date:
01-2006
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
On Tuesday, January 18, the yield on fifty-year inflation-protected U.K. government bonds (what the British call "indexed-linked gilts") dropped to 0.38 percent, about one-seventh the historical average of just over 2.6 percent for such debt instruments. Just a few months earlier, that yield had been over 1 percent, still extraordinarily low by historical standards, and especially low in an economy that has experienced fifty-three consecutive quarters of positive growth. A yield drop from 1 percent to 0.38 percent on a fifty-year bond corresponds to a 30 percent rise in its price over a period of just three months. That is an annual return of over 100 percent, much higher than the 13 percent annual increase in U.S. house prices at midyear and the 20 to 30 percent gains seen in the stock market before the March 2000 crash. The asset bubble has spread to long-term government bonds, especially those with inflation protection. What is going on here?
Topic:
Economics, Government, and International Trade and Finance
Political Geography:
United States, United Kingdom, and Europe

24. Terrorism's Enablers

Author:
David Frum
Publication Date:
08-2006
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
The war on terrorism demands that we focus not only on terrorists abroad, but also those who—by making excuses for them—aid and abet terrorism at home.
Topic:
Defense Policy, Terrorism, and War
Political Geography:
Europe

25. "Disproportionate" Criticism - Israel Will Not Back Down, and Europe Owes Its Thanks

Author:
Joshua Muravchik
Publication Date:
07-2006
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
No sooner had Israel raised its hand in self- defense when Finland, speaking as the rotating president of the European Union, denounced it for “the disproportionate use of force.” This position, echoed by France, Spain, the United Nations, and others, is wrong legally, morally, and strategically. From a legal standpoint, Israel is the victim of multiple unprovoked aggressions. It withdrew entirely from Lebanon in 2000 and from Gaza in 2005. (Both of these occupations had come about as acts of self-defense: the former against rocket fire from Lebanon in 1982, and the latter against a war of annihilation declared by Egypt in 1967.) From the time of its withdrawal from Gaza, not a single day had passed without rockets being fired into Israel. Now from the north as well as the south, Israel finds hundreds of rockets being fired across its border. Even if these were aimed at military installations, it would be a clear-cut act of war. To make it worse, these rockets are aimed randomly at cities and other civilian population centers, making them not only acts of war but war crime.
Topic:
International Relations and Defense Policy
Political Geography:
Europe, Middle East, Israel, Finland, France, Gaza, Spain, Lebanon, and Egypt

26. Iran Means What It Says

Author:
Michael Rubin
Publication Date:
01-2006
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
On February 2, 2006, the International Atomic Energy Agency will meet in Vienna to discuss the nuclear crisis in Iran and, in all likelihood, refer Iran to the United Nations Security Council for being in breach of the Nuclear Non-Proliferation Treaty's safeguards agreement. Such a referral will mark a turning point in a decade-long saga. Europe's engagement with Iran has failed. The United States and its European allies have been resolute in their condemnation of the Iranian government decision to resume uranium enrichment. In contrast to previous diplomatic impasses with Tehran, neither Washington nor its European allies appear willing to make further concessions. On January 23, U.S. secretary of state Condoleezza Rice said, “I don't see much room for further discussion in any format [with Iran].” At a January 13, 2006, press conference with German chancellor Angela Merkel, George W. Bush condemned Iran. “Iran, armed with a nuclear weapon, poses a grave threat to the security of the world,” Mr. Bush said. “We will not be intimidated,” Ms. Merkel added. Already, though, there has been one casualty of the diplomatic crisis: the European Union's policy of engagement.
Topic:
International Relations, Nuclear Weapons, and United Nations
Political Geography:
United States, Europe, Iran, Washington, Middle East, Tehran, Germany, and Vienna

27. After London: Reassessing Africa's Role in the War on Terror

Author:
Kurt Shillinger
Publication Date:
09-2005
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Whether our current war is “on terrorism” or “against violent extremism,” it is unquestionably global. While centered in the greater Middle East, the fighting occurs from North America to Southeast Asia. One of the key theaters in this struggle is Africa—not just the Arab lands of North Africa, but much of the rest of the continent. No U.S. strategy for this war that fails to reckon with Africa's role can be truly successful. The Bush administration and its allies are coming to realize this but have yet to address the full implications of the problem.
Topic:
Terrorism
Political Geography:
Africa, United Kingdom, Europe, Middle East, Arabia, North Africa, North America, and Southeast Asia

28. Liberty above All: Vladimir Ryzhkov and the Republican Party of Russia

Author:
Leon Aron
Publication Date:
10-2005
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Since its disastrous showing in the 2003 Duma elections, Russia's badly splintered and quarrelling democratic opposition has been trying to find ways to forge a common platform that would unite and energize its sizeable but apathetic and disillusioned constituency. The stakes are very high. The liberal (that is, in Russian political parlance, right-of-center, pro-market, pro-reform, and pro-Western) forces view the Putin Kremlin's turn to recentralization of national politics and the economy as a dead-end street, leading to creeping authoritarianism, rampant corruption, political crises, economic slowdown, and even disintegration. In this perspective, forging a united opposition strong enough to contest the Kremlin's control over the Duma in 2007 and the presidency in 2008 acquires particular urgency.
Topic:
Democratization, Economics, and Politics
Political Geography:
Russia, Europe, and Asia

29. The Battle over the Draft

Author:
Leon Aron
Publication Date:
07-2005
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
On December 29, 2004, Russia's minister of defense, Sergei Ivanov, announced plans to eliminate draft deferments for college students. Predictably, the popular reaction was so uniformly negative and furious that the abolition of deferments has been postponed—but not eliminated from the Kremlin's agenda.
Topic:
Civil Society, Government, and War
Political Geography:
Russia, Europe, and Asia

30. Institutions, Restoration, and Revolution

Author:
Leon Aron
Publication Date:
03-2005
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
In its pursuit of an authoritarian recentralization of Russian politics and a greater state presence in the economy, the Putin government is increasingly steering Russia away from the liberalizing course that has characterized the previous decade and a half.
Topic:
Economics, International Organization, and International Trade and Finance
Political Geography:
Russia, Europe, and Asia