THE ECONOMY
9 Good Job, Fed
When the Federal Reserve started paying interest on its
reserves, economists worried that the practice could lead to
instability and other problems. Instead, it proved a success—
and may have staved off a recession. By John H. Cochrane
ISRAEL AND THE MIDEAST
14 Requiem for a Grand Strategy
Mere months ago, American foreign policy makers were
shifting their attention from the Middle East to China and
Russia. The shock of October 7 made it clear that Israel, Gaza,
Yemen, and Iran would not be ignored. By Russell A. Berman
23 War Is Interested in You
Why American leaders are repeatedly drawn back into the
Mideast, the crucible of great-power designs and aspiring
hegemons. By Cole Bunzel
31 The Miseducation of Gaza
Hamas teaches its children to become terrorists. Why the
Palestinian educational system must be totally reformed. By
Peter Berkowitz
IRAN
38 Change Iranians Can Believe In
The United States needs a policy that helps the Iranian people
take back their country. By Kelly J. Shannon
RUSSIA AND UKRAINE
45 The Wolf at Europe’s Door
The Baltic nations know there’s no appeasing Russia. They
can only prepare. By Michael McFaul
50 Good Fences
As Vladimir Putin wages war in Ukraine, Donald Trump
threatens to leave Europe to fend for itself—two good reasons
why Europeans must assess their own defenses. By Timothy Garton Ash
CHINA AND TAIWAN
55 Covert, Coercive, Corrupting
As Beijing attempts to extend its power throughout the world,
scholars in the West can stand up to Beijing. Hoover fellow
Glenn Tiffert, a historian of modern China, explains how.
By Jonathan Movroydis
FOREIGN POLICY
61 Israel and Ukraine Deserve to Win
Both democracies need our continued help. This is the wrong
moment for Americans to become self-absorbed. By Niall
Ferguson
67 It Seemed So Easy
Three stubborn illusions about world peace we must no longer
entertain. By Jakub Grygiel
DEFENSE
72 Drones: Something Old, Something New
Robot weapons are reshaping the battlefield, and artificial
intelligence will shape it further. But today, as in the past,
victory depends on strategic breakthroughs. By Seth Cropsey
80 Conflicts for Our Century
Trusting in half measures and old models, America has yet to
grasp that the country is at war. By Thomas H. Henriksen
TECHNOLOGY
86 I Spy AI . . .
Hoover fellow Amy B. Zegart says artificial intelligence can
utterly transform intelligence gathering—if policy makers
make some tough changes. “It’s not just ‘add a little AI and
stir.’ ” By Dylan Walsh
THE ENVIRONMENT
93 A Population Implosion
Humans once dreamed of populating the universe. Instead,
our population is set to begin shrinking right here on Earth.
By Niall Ferguson
102 Doomscrolling Is a Dead End
Despite what modern Malthusians claim, the world won’t run
out of resources or room—as long as governments refrain
from dampening innovation. By David R. Henderson
EDUCATION
109 Behind the Curve
Even as test scores plummet, schools are awarding “A”
grades. The results? Complacency, unfair college admissions,
and unaddressed learning loss. By Michael T. Hartney and
Matthew Malec
115 Truly Fair
How can we make peace among the battling school reformers
who seek “educational equity”? Here are three ideas.
By Michael J. Petrilli
CALIFORNIA
120 Brave New City
A shining city on the hills . . . of Solano County. An enormous
development is supposed to ease all kinds of civic problems—
mostly the Bay Area’s crippling housing shortage. Will it
succeed? Should it? By Bill Whalen
125 How about “Persons of Terror”?
University of California ethnic-studies professors are offended
by the accusation that Hamas commits “terrorism.” These are
the views they want to inflict on California’s high-schoolers.
By Lee E. Ohanian
INTERVIEW
130 Bitcoin of the Realm
Coinbase founder Brian Armstrong answers the skeptics of
cryptocurrency with a vision that combines good business and
greater freedom. By Peter Robinson
PROFILE
142 Andrew Roberts’s Long View
Hoover fellow Andrew Roberts—at home, the Lord Roberts
of Belgravia—is a proud defender of the “great man” view
of history, and of history itself. “It has a moral imperative
behind it.” By William Rome
HISTORY AND CULTURE
148 August 1945: Fallout
The moral qualms dramatized in the movie Oppenheimer
were central to the discussions about whether to bomb
Hiroshima and Nagasaki. A new book illuminates what
informed that decision, and what followed it. By Michael R.
Auslin
HOOVER ARCHIVES
153 John Dunlop: An Appreciation
The collection of the late Hoover senior fellow and Russia
expert John B. Dunlop is a rich review of the movements and
struggles that gave birth to the Putin era. It is also a tribute to
an inimitable scholar and colleague. By Norman M. Naimark,
Paul R. Gregory, and Stephen Kotkin
159 “I Lived Hard and Fast but Good”
Who was Boris Pash? A Hoover collection gives a glimpse into
his scarcely believable life: nemesis of Robert Oppenheimer,
fervent anticommunist, and cold-blooded spy chief whose
exploits may never be fully known. By Oleg Beyda