The United States is second to none in terms of creating the most financial regulatory agencies. Between the Federal Reserve (the Fed), the Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), and a host of others, the financial regulatory regime in the United States towers over the regimes in the United Kingdom, Canada, and many other developed countries. …
Despite the U.S. military withdrawal from Afghanistan almost a year ago, the July 31 drone strike against al-Qaeda leader Ayman al-Zawahiri in downtown Kabul demonstrated that the United States retains substantial intelligence capacity inside this war-torn country. Through a probable combination of remote monitoring and local human sources, the U.S. tracked Zawahiri for months and identified distinctive behavior — such as his tendency to regularly walk out onto his balcony — that made him vulnerable to attack. That the United States went ahead with the strike, the first in Afghanistan since the Taliban seized power in late August 2021, reflects the realization in Washington that the regime in Kabul will not become even a limited partner. Reversing some recent tentative efforts at engagement, the United States looks to double down on over-the-horizon strikes and other unilateral means to ensure its security interests in Afghanistan. …
On Aug. 3, the Argentine government appointed its third economy minister in roughly a month, a testimony to the country’s seemingly never-ending saga of political volatility and economic decay. The new minister’s challenges are daunting: handle skyrocketing inflation amid dangerously low levels of central bank reserves, resurrect a fragile debt restructuring deal with the International Monetary Fund, restructure a massive network of subsidies and welfare payments that drains state revenue, and convince foreign investors that Argentina is a reliable country to do business. Like his predecessors, the new minister will probably fail to meet these challenges, prolonging the political, economic and social factors that have kept Argentina from reaching its full potential. …
It has not been a good year for the Federal Reserve. The Fed has had a terrible record when it comes to forecasting inflation and GDP growth. Now it is trying to tame run-away inflation. As bad as its recent record has been, the Fed’s ability to deliver price stability and maximum employment will become more compromised if the progressive left succeeds in its push to alter the Fed’s legal mandates. …
A month ago, I was speaking with an associate at a DC law firm. I told him that I work at a non-profit, the “New Civil Liberties Alliance,” which represents parties in cases relating to administrative law. He appeared confused and asked how civil liberties are connected to administrative agencies. …
The findings of a large investigation into corruption in South Africa will likely deepen factionalism within the ruling African National Congress (ANC) party, which will risk further delaying the crucial reforms needed to repair the country’s economy and its government’s image. On June 22, Chief Justice Raymond Zondo delivered the grand finale of his …
The evidence suggests that the Bank Secrecy Act framework has proven a minor inconvenience for criminals but a major burden on law‐abiding citizens. …
