The Yellen Doctrine Is So Much More Than Corporate Taxes
She articulates a broader vision for America in the world that you likely missed if you only paid attention to the news coverage.
A geopolitical canvas to work with.
Photographer: Chip Somodevilla/Getty Images North AmericaJanet Yellen has a potent message for the world and for folks at home weary of U.S. commitments abroad: America isn't done as a global force, if only because it's primarily to the country's own advantage.
Whether the rest of the world is buying what she has to sell is a different question. While many foreign officials welcome the jolts of fiscal and monetary caffeine supplied by America, the nation no longer commands unfettered deference. China has impressed with the resilience of its economy after a dive at the start of last year, and is likely to exert at least as powerful a pull in coming years. Beijing is also putting a lot of effort into bolstering its capital markets. Though not on a par with the U.S., China’s bond market is becoming more attractive to investors.