The European Stability Mechanism's (ESM) bank recapitalization instrument was designed to break the vicious circle tying financially weak eurozone governments to financially weak banks. It cannot, ho…

The United States is in a long-term struggle for influence in the Middle East with competitors such as Iran, al-Qaeda, Hezbollah, the Muslim Brotherhood, and various Salafist organizations. All have …

The U.S. Federal Reserve's monetary stimulus efforts have an undesirable side effect that needs to be managed with great care: the Fed has amassed a huge stock of mortgage-backed securities (MBS) tha…