This is the kind of thing that happens when you put ten different armies, taking orders from at least ten different commanders, in the same theater. Last night a Russian fighter was flying in and out of Turkish airspace and Turkey shot it down. Then local rebels (Syrian Turks) shot the pilots as they parachuted […]


Welcome To The Third World, Part 16: The Best Jobs Are Now In Government

Years (actually decades) ago I lived in a New York University grad student dorm that housed mostly elite kids from other countries. Sons of African finance ministers, daughters of European bankers, that kind of thing. And the developing-world students all told the same story: Back home, people who wanted to get rich went into government […]

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Are Superbugs A Bigger Threat To The Global Economy Than Terrorism?

Between that Russian plane being taken down by a soda can bomb and the recent Paris attacks, travel is losing some of its appeal. Last night, for instance, I was at a party talking to a friend who’s retiring soon. When asked about his plans, he said he’d love to visit Italy, where he has […]

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The End Of The Recovery, In One Chart

One of the questions on analysts’ minds lately is whether stock prices can keep moving up when corporate sales and profits are falling. But the same can be asked about the overall economy. Why would companies hire more people if they’re selling less stuff? The answer is that they probably won’t. As the chart below […]

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Is Anybody Okay Out There?

In normal times, the world’s major economies are a mixed bag. Some are up, some are down, some are placid, some are in crisis. It’s only at the boom/bust extremes that everyone finds themselves in more-or-less the same boat. This is looking like one of those times — and the boat is sinking. Japan, for […]

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