Europe’s Existential Crisis

Last May, Secretary of State Madeleine Albright handed German foreign minister Joschka Fischer a most confusing diagram. Beneath an array of apparently random scribbles, it depicted a map of Europe that appeared to have been defaced by an unusually energetic infant who had been allowed to run wild with a box of crayons.

After some effort, the eye could discern a number of sharply dissimilar circles … [ Read more ]

The New Normal

An era of debt-fueled consumption has come to an end, and with it the economic culture that created it. If government is going to fill in for consumers, it will need to be smart about how it spends.