More than a century ago, Walter Bagehot argued that central banks should lend freely only to solvent institutions and allow insolvent ones to fail. The Fed should return to that principle, writes Amit Seru. bit.ly/49wjjdh

With access to US markets reduced and the Chinese growth model still so dependent on exports, the Chinese juggernaut has turned its focus to conquering markets elsewhere, especially in Southeast Asia, @arvind2011.bsky.social observes. bit.ly/44EySho

Outgoing Gavi Chair José Manuel Barroso reflects on the factors that have made the Vaccine Alliance a success over the past 25 years, and on what this experience can teach us about adapting multilateralism for a rapidly changing world. bit.ly/3L0pDRY

From Japan to South Korea, the leaders of Asia's democracies understand that they must take steps to promote their own security and protect their economic prosperity – just as they did 50 years ago, notes Akihisa Nagashima. bit.ly/4aoOTeW

If AI is indeed becoming powerful enough to rule the world, governments in free societies must make sure that it serves the public good. So far, they are failing, Richard K. Sherwin warns. bit.ly/4jebltJ

All signs point to investors encountering a far more volatile global economy in 2026 than in 2025. And that may turn out to be the optimistic scenario, warns Kenneth Rogoff. bit.ly/45i05X9

According to @yanisvaroufakis.bsky.social, the combined effect of Russia's impending victory in Ukraine, China's trade-war victory over the US, and Donald Trump's shakedown of the EU will be to usher in a world where Europe and the UK are pawns, at best. bit.ly/49bltPe

Rising energy costs are no reason to abandon the EU's carbon-pricing policy. What is needed now is a careful recalibration to keep the system fair and politically sustainable, write Günther Thallinger and Ludovic Subran. bit.ly/497KPxc

When it comes to reaping the full benefits of AI, China understands something that the US doesn't, points out Nobel laureate Michael Spence. bit.ly/3YEvPlB

Donald Trump’s theatric threats to invade Nigeria are part of a modern civilizing mission, one focused on turning back the clock to an era of white and Christian supremacy, writes Adekeye Adebajo. bit.ly/4shbnVN

Africa’s community health workers do more than deliver health care: they also function as an early-warning system for the next pandemic – a crucial role that offers a direct benefit to the United States, writes Junaid Nabi. bit.ly/3NeAZCk

We Europeans have built extraordinarily successful societies, and we must not lose sight of that in the face of attacks from Donald Trump's America, writes carlbildt.bsky.social. bit.ly/4jfVzP0

It should be obvious that the destruction of the transatlantic West will weaken America itself. Donald Trump and his MAGA followers might tell themselves that America is self-sufficient, but they are mistaken, Joschka Fischer observes. bit.ly/4s8ezmv

European leaders must get serious about what credible security guarantees for Ukraine would look like, Mark Leonard argues. bit.ly/3YDrH5p

Though Israel has limited freshwater resources, it has emerged as a regional water superpower, observes Shlomo Ben-Ami. This gives it considerable leverage over neighbors like Jordan. bit.ly/4azgslX

African policymakers must move beyond the comforting illusion that simply producing more renewable electricity is enough to meet global emissions-reduction targets, argues Saliem Fakir. bit.ly/3LfE0Sr

Andrés Velasco explains why Chile has swung from a far-left president to the far-right José Antonio Kast – and suspects voters will be equally disappointed. bit.ly/3LgAUxv

Israel’s warmaking has not been in the service of any political goal that would help it foster alliances. Its definition of regional stability is tied to its own military supremacy, and that gives the rest of the region pause, notes Vali Nasr. bit.ly/492xV3H

🌲Happy holidays! Just in time to put your feet up, @projectsyndicate.bsky.social's Best Reads of 2025 is out. I picked Eric Vuillard's Order of the Day, wherein German industrial giants back the rise of Nazism. Dark, funny, all too topical. More recs here: www.project-syndicate.org/onpoint/ps-c...

As 2025 draws to a close, we continue our annual tradition of asking Project Syndicate commentators to pick the books they enjoyed most over the past 12 months. bit.ly/4qckqVY

A set of algorithms that we flatteringly call artificial intelligence has come for Christmas music, turning the sacred into slop, argues @timothysnyder.bsky.social. bit.ly/48OcHYx

Brazil has shown that even without China’s bargaining power, middle-income economies can push back against Donald Trump’s pressure campaigns and win concrete concessions on trade and sanctions without offering anything in return, writes @jayatighosh.bsky.social. bit.ly/4saQb3K

Posted earlier today: My thoughts on the 2026 outlook for the US economy. www.project-syndicate.org/commentary/2... #economy #markets @projectsyndicate.bsky.social

The baseline scenario for the US economy in 2026 is generally comforting, writes @elerianm.bsky.social. But its probability most likely does not exceed 50%. bit.ly/459DJHh

With the multilateral system all but defunct, we need to fling the Overton window wide open and create space for new policy ideas across multiple domains, writes @dianecoyle1859.bsky.social. bit.ly/490QIMU

Since British Prime Minister Keir Starmer clearly cares about peace, he should recognize that it is not just an aspiration but a potential engine of economic transformation, @mazzucatom.bsky.social and @rainerkattel.bsky.social write. bit.ly/4s7Ihbm

Meta’s recent antitrust win shows that prevention is better than cure in fast-moving markets, which is why intervening early to block illegal mergers must be the norm, not the exception, writes Madhavi Singh. bit.ly/48TPwur

The best that can be said of Trump’s approach to the economy is that it is an experimental phase in the post-neoliberal transition, says @drodrik.bsky.social. bit.ly/4pH758b

Europe’s diminishing economic role is eroding its long-term competitiveness. Without a dramatic shift, the continent risks missing the AI super cycle and becoming a “technology colony” rather than a driver of innovation, argues Dambisa Moyo. bit.ly/3MCDgqZ

✍️ Restoring Public-Sector Capacity Where It Counts IIPP Professors @mazzucatom.bsky.social & @rainerkattel.bsky.social's recent @projectsyndicate.bsky.social article calls for investment, sustained coordination, and continuous learning to strengthen city governments. 🔗 Read more: buff.ly/LJv76eN

@chrystia-freeland.bsky.social explains what Western support for defeating Russia in Ukraine and deterring future aggression must entail. bit.ly/48E47eH

Only Creative Destruction Will Boost European Competitiveness by Philippe Aghion @projectsyndicate.bsky.social prosyn.org/dAEUGds

Historian @timothysnyder.bsky.social sees a familiar connection between Donald Trump's domestic repression and his resort to foreign aggression. bit.ly/48Vd1n1

The Italian ruling party's proposed amendment stating that the gold held by the Bank of Italy “belongs to the Italian people" is legally meaningless. But symbolic gestures can carry political weight, warns Lucrezia Reichlin. bit.ly/3YqYCdl

In a new PS Big Picture, PS commentators – including Stephen Holmes, Zaki Laïdi, and others – assess an ideologically driven National Security Strategy that will serve only to make the US and the world less secure. bit.ly/49cigzW

ICYMI: We asked PS commentators to identify the biggest risks to economic and financial stability in the coming year. Read responses from Anat R. Admati, @profhilaryallen.bsky.social Allen, @simonhrjohnson.bsky.social, and others at the link. bit.ly/4pCNshx

With conditions so combustible, the Benin coup attempt does not bode well for the prospects of democracy in the region. Kingsley Moghalu explains why. bit.ly/4pAKTwI

Russia’s well-resourced financial intelligence unit, Rosfinmonitoring, is indeed capable of extensive oversight. But it uses these tools against the Kremlin’s conception of bad actors, writes @mileskellerman.bsky.social. bit.ly/4oMGEg3

I have a new op-ed in @projectsyndicate.bsky.social on the EU adding Russia to its AML blacklist (no, it wasn’t already on it!). It’s symbolically important and closes a (narrow) loophole, but will also impose collateral damage on innocent Russian émigrés www.project-syndicate.org/commentary/e...

The world economy is not drifting sideways; it is rebalancing. Growth remains steady, but its global composition is changing, notes Marcello Estevão. bit.ly/496zYoy

With consumer prices meaningfully higher today than they were when Donald Trump took office, even one-third of his own voters now blame him for the affordability crisis, notes Desmond Lachman. bit.ly/3XThX6R

The AI Impact Summit in India this February is an opportune moment for all countries to explore a shared architectural approach to AI governance. Jayant Sinha explains what that would look like. bit.ly/48O6Jpf

In contemporary analyses of the global authoritarian resurgence, gender is often treated as an afterthought. But it is central to how these movements gain power and influence, writes @milleridriss.bsky.social. bit.ly/3KERMxN

The Bank of Japan is considering raising interest rates, which could mean that other highly indebted economies, including the US, could face sharply higher yields on government bonds, with all the difficulties that entails, writes Barry Eichengreen. bit.ly/48O65YR

Conventional medicine cannot offer adequate relief for cluster headache sufferers, but there is a growing body of evidence that one to three doses of psilocybin or LSD can prevent attacks for months. Policymakers need to catch up, says @petersinger.info. bit.ly/4pZWNQh

In the decade since the Paris climate agreement, France has placed ecology at the heart of all of its economic, planning, energy, agricultural, and industrial policies. The results speak for themselves, writes President Emmanuel Macron. bit.ly/4a8yMSA

Do those who authorized and carried out the second strike on alleged drug smugglers in the Caribbean bear responsibility for a war crime? A legal precedent from World War II says they do, writes @allanlichtman.bsky.social. bit.ly/4q6R3o5

A borrowers’ club is a simple but potentially transformative concept that could shift the balance of influence away from creditors. But past attempts show that it must be well designed, argue Homi Kharas and Mahmoud Mohieldin. bit.ly/48z4xD5

Dalia Ghanem and Rachida Chahida-Ababsa caution that resolving North Africa’s deep-seated problems – including the dispute between Algeria and Morocco over Western Sahara’s sovereignty – requires sustained policy, not quick deals. bit.ly/48Ql4S3

Given that China is the world’s largest emitter and has a high carbon intensity, some assume that shifting production out of the country would reduce global emissions. But Qiyuan Xu found that the opposite is true. bit.ly/3MtVXwZ