The modern economy experiences two types of cyclical debt cycles: the short-term business cycle that produces the familiar oscillation between expansion and recession, bull and bear; and the long-term debt cycle that we are experiencing now. During the 75-year period of these cycles, the debt-to-income profile of the entire economy gradually builds up a stock […]
Author Archives: Patrick Doherty
Patrick Doherty is deputy director of the National Security Studies Program and director of the Smart Strategy Initiative at New America Foundation. The Smart Strategy Initiative seeks to provoke a new discourse on the central challenge facing the United States: the nature of the American grand strategy and the contours of a new grand strategy capable of forging a prosperous, secure, and sustainable future. His writing has been published in The New York Times, the Washington Post, CNN.com, ForeignPolicy.com, Washington Monthly, and the Chicago Tribune.