Dow 11000 Is Only the Beginning
So we're almost there. The Dow is flirting with 11000 for the first time since October 2008—after falling to a low of 6500 in March last year. Now seems an appropriate time to ask whether the dramatic recovery of stocks is sustainable and to speculate about what comes next.
Obama Needs a Reset Button on His Own Foreign-Policy Machine
For the past 18 months, foreign policy has been a distinctly secondary concern for U.S. President Barack Obama, in spite of still-hot wars in Afghanistan and Iraq, nuclear diplomacy with Russia, and simmering crises in Iran and North Korea. With the U.S. economy stuck in neutral and no immediate external crisis demanding action, the sidelining of foreign policy isn't surprising. In some ways, this period resembles the mid-1990s, when domestic matters dominated the national discussion. But unlike then, the relative position of the United States is not on an upswing; instead, the United States is experiencing relative decline, which may or may not presage absolute decline in a world defined by rising affluence of emerging economies in general and China above all.