Cycles of Change

In December of 1823, President James Monroe sent an annual message to Congress that established a permanent foundation for American grand strategy. He warned European crowns that the Americas were closed to new colonies. Foreign meddling in the new republics was deemed hostile to peace. For two [...]

The growing move toward trade pacts outside the dollar network is reshaping the rules of world trade finance. When nations trade crude oil, grains, and factory tools in regional monies, trade gaps demand settling in hard assets. Neither trade partner wants to hold deep piles of foreign paper money [...]