Op-ed leader in the European Wall Street Journal, 24 November: “A Dollar Warning: A country can’t devalue its way to prosperity.” The slide of the dollar (and Greenspan’s acknowledgement that it ought to keep on sliding), the no-end-in-sight budget deficit, the trade deficit, the unfunded entitlements conundrum (disaster-in-waiting?), and the foreign brain drain (see below) add up to a flashing yellow light—at least—on the U.S. mid-term economic horizon. Why does John Snow not look like the sort to take the lead in dealing with all this? I am no macro-economist, but my “antsy” feelings are starting to drive me nuts. No problem? It doesn’t feel that way.
