A comparison between Greece today and Brazil in the past is of limited value, due to the number of fundamental differences between the nations' situations.

State bankruptcy must serve to break the stranglehold of public-sector unions over state politics and budgets; help restore the federal government's precommitment against bailing out states; and advance, rather than distract from, the far more fundamental federalism reforms that will be required over the coming years.

Luncheon address delivered at The Transatlantic Law Forum's Fifth Annual Conference. Delivered at Bucerius Law School in Hamburg, Germany.

The states' fiscal crisis is structural, not cyclical. Real recovery and reform will require drastic changes to our federal architecture.

We need to separate the issue of the general importance of cultural diversity, not only in the United States but in the world at large.

Rapid and pronounced population aging represents a highly uneven, largely unappreciated, and as yet almost entirely undiscounted long-term risk for the world's emerging markets.

The compromised version of art and history cultivated in our universities and practiced in our museums shortchanges the present by misrepresenting the past.

Democratic capitalism and the Pax Americana have brought many more global benefits than is often realized.