[Jeffrey Frankel] The end of zero interest rates

What a difference two years make. In 2021, when interest rates were near zero in the United States and the United Kingdom and slightly negative in the eurozone and Japan, the consensus was that they would remain low indefinitely. Astonishingly, as recently as January 2022, investors put the probability of rates in the US, eurozone, and the UK rising above 4 percent within five years at only 12 percent, 4 percent, and 7 percent, respectively. After adjusting for expected inflation, real interest

ViewpointsAug. 15, 2023

[Ward Hayes Wilson] ‘Oppenheimer’ overhypes nuclear weapons

The movie “Oppenheimer” hypes a serious issue of national survival, and in the process makes matters much, much worse. By mythologizing J. Robert Oppenheimer (and in the process ascribing godlike powers to nuclear weapons), the movie sets back efforts to control these dangerous devices. True, people who watch the movie will emerge frightened about nuclear war. But decades of terrifying pictures of ash, rubble and burned bodies have not, apparently, stifled governments’ desire f

ViewpointsAug. 14, 2023

[David Redman] American education and the great white lies

Recent battles over how to teach history in American schools have focused on views of America’s domestic racism, but that’s only one piece of the problem of how we view history. Our pre-college curriculums and popular histories are filled with stories of great white men who single-handedly changed the world. This heroification, however, is often as much a made-up history as the stories of Marvel heroes in the movies. Many of these supposed ground-breakers were in fact preceded by gen

ViewpointsAug. 14, 2023

[Peter Singer] Feed people, not factory farms

After Russia’s full-scale invasion in February 2022, ships used to export grain from Ukraine’s Black Sea ports stopped traveling there because they were liable to be attacked by Russian forces, which suspected them of carrying military supplies. That caused grain prices to soar to record levels and sparked fears of famine in countries in the Middle East and Africa that had previously imported Ukrainian grain, especially wheat. Eventually, in July 2022, Russia agreed to give ships tra

ViewpointsAug. 11, 2023

[Kim Seong-kon] Watching 'Barbie,' 'Top Gun Maverick' ＆ 'Mission: Impossible'

Three recent blockbuster movies, “Barbie,” “Top Gun Maverick” and “Mission: Impossible -- Dead Reckoning” have one thing in common. They invariably deal with the compelling issues we are now facing in this challenging era. “Barbie” delves into the core issues of feminism. “Top Gun Maverick” portrays the virtues of the maverick spirit that we need to cope with the international crisis caused by countries that are threatening to use nucle

ViewpointsAug. 9, 2023

[Jeff Nelligan] My military family and AVF at 50

Plebe Summer is underway at the US Naval Academy, where 1,184 young men and women grind through the second week of their “college” experience, complete with obstacle courses, firearms and fully-clothed plunges into the Chesapeake Bay. These determined young people represent one element of the All-Volunteer Force, which marked its 50th anniversary this year after military conscription ended in 1973. It is one of the most remarkable institutions this nation has ever produced. I should

ViewpointsAug. 8, 2023

[J. Bradford DeLong] Investment theory in practice

Suppose that you had invested your wealth in a broadly diversified set of stocks, starting in January 1871, with the dividends being rolled back into your portfolio, and with your portfolio being rebalanced every January to maintain diversification. If you had also paid no taxes and incurred no fees, you would have had 65,004 times your initial investment, as of this past January. By contrast, if you had performed the same experiment with long-term US Treasury bonds, you would have only 41 time

ViewpointsAug. 7, 2023

[Antara Haldar] Which is the real Europe?

This year marks the 30th anniversary of the European Union. When the Maastricht Treaty took effect in 1993, Europeans embarked on a historically unique experiment in supranational governance and shared sovereignty. The EU’s single market allows for the free movement of goods, services, and capital among 27 member states; and, critically, its Schengen Area means open borders between member states (and free movement rights even in non-Schengen member states), granting more than 400 million p

ViewpointsAug. 7, 2023

[Robert Fouser] English proficiency of South Koreans

How well do South Koreans speak English? The development of translation apps and decreased personal interaction after the pandemic may be making this question less important, but English education still occupies an important place in the South Korean society. English is a required language from elementary school through university. Scores of standardized English tests are usually required for employment and advancement in companies. English kindergartens and other types of private schools remain

ViewpointsAug. 4, 2023

[Lee Kyong-hee] Ideological divide over disputed war hero

During my first visit to the Dabudong War Memorial Museum, footsteps could be easily heard. Only a handful of visitors paced through the small hillside museum that recalls pivotal, last-ditch fighting in the early stage of the Korean War. The museum’s secluded site off the Seoul-Busan highway and a simple display of old howitzers and bazookas and memorial steles to fallen soldiers created a solemn atmosphere. They silently memorialized the unsung heroes who turned the tide of the war by pr

ViewpointsAug. 3, 2023

[Kim Seong-kon] 'Unmanned': Living with AI

In Isaac Asimov’s “True Love,” an artificial intelligence takes over the identity of protagonist Milton Davidson and ruins his life. At first, Milton wants to find a perfect partner. In pursuit of this goal, he provides all the information about himself to his super-intelligent computer program Multivac or “Joe,” as Milton calls it. Joe then proceeds to comb through databases to find a girl who impeccably matches Milton. At last, Joe finds an ideal match for Milton,

ViewpointsAug. 2, 2023