Economic Growth Program
 

Global Strategic Finance Initiative

Financing America’s Infrastructure: Putting Global Capital to Work

by Douglas Rediker and Heidi Crebo-Rediker

The most recent policy paper by Douglas Rediker and Heidi Crebo-Rediker explains how the United States can utilize global capital and financial instruments to fund critical infrastructure projects at home. The Global Strategic Finance Initiative leads the field of policy responses to the growing questions about how to approach ever-expanding pools of capital around the globe - especially those controlled by governments. In this most recent policy paper, Douglas Rediker and Heidi Crebo-Rediker outline mechanisms to channel these pools to the United States for public investment financing. To read the policy paper, click here.

The Global Strategic Finance Initiative, which is sponsored jointly by the Economic Growth Program and American Strategy Program, addresses the fast changing relationship between global capital flows, financial markets, foreign policy and national security. The Initiative seeks to propose both overall strategies and specific steps to ensure that the US uses all the tools at its disposal to maximize power and influence. This is a new era where other nations are increasingly using financial tools, in addition to traditional diplomacy, trade and military power, to further their interests. It is imperative that the US do the same.

The Global Strategic Finance Initiative is co-directed by Douglas Rediker and Heidi Crebo-Rediker.

Articles

Reserved for China

Since the global financial crisis began, one of the major surprises has been the continued resilience of the U.S. dollar - despite attacks on the "American-style capitalist model," financial sector weakness, and record U.S. government deficit spending. The dollar today represents almost two thirds of the world's official currency reserves. Its holders presumably believe that it will remain highly liquid, relatively stable in value, and supported by prudent economic policies by the U.S. Treasury and Federal Reserve.

Douglas Rediker | Foreign Policy | April 22, 2009

Obama Must Lead the Way on Global Financial Reform

Douglas Rediker | European Affairs | Winter 2009

The Brave New World of Global Finance

When future historians look back at the major shift in power that came in the fall of 2008, they will focus not just on the election of Barack Obama. Less than two weeks after Obama's historic election, finance ministers and central bank governors from the G-20 nations convened in Washington at the height of a global panic to discuss the future of global finance.

Douglas Rediker, Heidi Crebo-Rediker | The Globalist | January 15, 2009

Give Bankers Some of Their Own Medicine

You know the financial crisis is bad when investment bankers are grumpy at Christmastime. That's because in investment banking, Christmastime is bonus time, and bonus time is what it's all about.

Bonus time is when all the deals you crafted and all the money you made for the bank gets toted up and you get your fair share.

Usually, in the world of Wall Street and its international counterparts, that "fair share" can reach 10 or 15 times your annual salary. That usually makes year-end a… more

Douglas Rediker | CNN.com | December 23, 2008

Capital in the Capitol

If anyone doubts the increasing importance of finance as a tool of foreign policy, one need look no further than Iceland, a NATO member, which this past week announced that it is in negotiations for a 4 billion euro bailout from Russia. Iceland's prime minister was blunt: "We have not received the kind of support that we were requesting from our friends, so in a situation like that one has to look for new friends."

While denied by the Icelandic government, there have been suggestions that one area… more

Douglas Rediker, Heidi Crebo-Rediker | The National Interest Online | October 17, 2008

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Policy Papers

America’s Exhausted Paradigm: Macroeconomic Causes of the Financial Crisis and Great Recession

July 22, 2009

The Pitfalls of Manufacturing a Market

Despite its aim, the European Trading Scheme (ETS) for carbon is widely regarded as an inefficient market. The initial design of the scheme has caused trading reactions that do not follow the pricing patterns of other, more efficient commodities.

Within ETS, it isn’t carbon’s price volatility that makes its market seem uncharacteristic of other commodities markets; commodity markets are often characterized by volatility. Instead, it is the fact that carbon’s price drivers are not so easily pinpointed and, therefore, its… more

Emily Gallagher | July 13, 2009

In Defense of the Uptick Rule

On April 9, 2009, the Securities and Exchange Commission (SEC) released five proposals for reinstating the uptick rule and initiated a 60-day public comment period. Now, nearing the end of that comment period, the opinions of senators and financial commentators on the proposed legislation must be ringing in the SEC's ears.  Jim Cramer, the host of the Mad Money TV program, spoke fervently in support of the uptick rule during his May 4th broadcast while Senator Ted Kaufman, another supporter, noted that SEC Chairwoman Mary Schapiro should… more

Emily Gallagher | May 2009

Bold Action for the G20 Summit

With the London Summit rapidly approaching, I urge participants to take bold steps to address the fundamental structural issues in global finance that have, in part at least, led to the current economic crisis. I recognize that there remains a debate between those who believe that the current economic environment compels a dramatic rethink of the foundations, systems and structures upon which the global economy operates, and those who believe that such sweeping reforms are both unnecessary and politically

Douglas Rediker | March 31, 2009

Foreign Policy Implications of the Financial Crisis

Thank you Mr. Chairman and members of this committee for the honor of addressing you today.  Mr. Chairman, it is a tribute to your leadership that this roundtable is being convened in recognition of the centrality of economic and financial issues to American foreign policy. 

Douglas Rediker | February 11, 2009

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Events

G-20 Economic Summit Preview

On April 2, leaders of the world's twenty largest economies will meet in London to work to restore stability, confidence and craft a path forward for the world's financial system.  This meeting represents a prime opportunity for President Obama to demonstrate that he understands what is at stake globally in this financial crisis. Can Obama translate his popularity into a new US relationship with the world?  Will the US approach this summit with a willingness to take a realistic approach… more

03/31/2009 - 12:00pm
03/31/2009 - 1:30pm

Unfit to Survive

Wall Street's and Washington's largest financial institutions are fighting for survival. The environment grows more hostile every day. Only those that evolve will prevail.

Leo Tilman, author of "Financial Darwinism", president of strategic advisory firm L.M. Tilman & Co. and former Chief Institutional Strategist at Bear Stearns, discusses the origins of the financial crisis and how to radically redesign the financial system to make it fit to survive.

12/17/2008 - 12:15pm
12/17/2008 - 1:45pm

NY EVENT: Policy Winners & Losers After the Election

A post-election discussion with the New America Foundation.

11/17/2008 - 6:00pm
11/17/2008 - 8:00pm

NY Event: It's the Economic Recovery Plan, Stupid

As the debate on the economic slowdown moves from "if" to "when" to "how long," The New School's Schwartz Center for Economic Policy Analysis (SCEPA) and the New America Foundation will host a panel of top economists and business executives to discuss the best plan for an economic recovery.

Space is limited, please RSVP to specialevents@newschool.edu or (212) 229-5662 x 3570.

05/22/2008 - 8:30am
05/22/2008 - 10:30am

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