Russian President Vladimir Putin thinks he can enjoy political and military freedom in dealing with Ukraine without experiencing crippling economic costs from sanctions or the exit of multinational firms from Russia.
The theory that growing inequality in the 2000s caused many low- and middle-income Americans to over-borrow so that they could keep up with wealthier Americans doesn't hold up. The right debate is on why lenders relaxed credit standards.
The budget story that is largely missed by American political leaders and the public is that the welfare state is strangling government's ability to respond to other national problems, because the constituencies for welfare benefits are more powerful than their competitors for federal support.
True, the gap between the rich and the poor is enormous, wider than most Americans would wish, but this reality has made economic inequality a misleading intellectual fad, blamed for many of our problems.
In the initial days of the 2008-09 financial crisis, Ben Bernanke, the outgoing U.S. Federal Reserce chairm, mobilized the Fed as the lender of last resort and, arguably, averted a second Great Depression. His efforts to kick-start the economy by keeping short-term interest rates ...