The article argues that recent executive overreach and politicization have severely undermined established norms of U.S. civil-military relations. To restore professional standards, the incoming Congress must actively exercise its oversight powers, moving beyond mere criticism to demanding transparency in defense policy and personnel decisions. Key reforms include enforcing meritocratic promotion processes, requiring documented justification for senior officer removals, and preventing the partisan use of the military. These actions are crucial for bolstering public trust and ensuring the military remains a nonpartisan instrument of civilian control.
The ‘reverse Kindleberger Trap’: reasons to worry about the next financial crisis
English Summary
The Chatham House analysis warns of a 'reverse Kindleberger Trap,' arguing that future financial crises will be exacerbated by the incumbent dominant power's unwillingness to assume a responsible global stabilizing role. Key evidence points to selective US liquidity provision, market interventions aimed at suppressing US debt price discovery, and a growing tendency to favor a weaker dollar rather than maintaining its anchor status. Policymakers must prepare for an unstable environment characterized by potential capital outflows and fragmented international coordination, necessitating proactive strategies to mitigate systemic risk.
中文摘要
查塔姆學會的分析警告存在「反Kindleberger陷阱」，認為未來的金融危機將因現行主導大國不願承擔負責的全球穩定角色而加劇。關鍵證據指出，美國進行選擇性的流動性提供、旨在壓制美國債務價格發現的市場干預，以及越來越傾向於接受美元走弱而非維持其錨定地位。政策制定者必須為一個充滿潛在資本外流和國際協調碎片化的不穩定環境做好準備，這要求採取積極主動的策略來緩解系統性風險。
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