Hope springs eternal among policy makers in Europe’s beleaguered periphery. At five minutes to midnight in Athens, and with a bank run having started in Madrid, these policy makers cling to the forlorn hope that somehow Germany is going to relent on its strong opposition to euro bonds.

Far from Greece's currently high interest rates being the result of herd behaviour, it would seem to be reflecting the market's accurate assessment that Greece has a fundamental solvency problem. To pretend otherwise only delays finding a solution to Greece's very difficult economic problems.

America's version of capitalism has been much more dynamic than Europe's. Why don't Obama and Romney debate that?

The government bond market is now giving the Obama budget plan a decided thumbs-down.

Breaking windows will stimulate the economy, according to a leading public pension advocacy group. Skeptical? The National Institute on Retirement Security (NIRS) has not literally endorsed breaking windows, but a report recently published by the organization relies on the same economic fallacy.According to NIRS-whose membership consists principally of...

Greece's economic and political unraveling could not be coming at a worse moment for President Obama. The crisis has the potential to send shock waves not simply through Europe but also through global financial markets on the very eve of the U.S. presidential election.

Most people know virtually no financial history, so when we have a financial crisis, it seems like it has never happened before. But it has, again and again. As Paul Volcker, former chairman of the Federal Reserve, remarked: "About every ten years, we have the biggest crisis in 50 years." 

Where Obama went wrong on education – and what Romney needs to say