Attempts at austerity and deleveraging in Europe have converted an economic problem into a political dilemma, with leftist governments rising against Germany's austerity-laced rescue packages. Germany now faces a tough economic decision that will involve choosing between a breakup of the current euro system and a movement toward a common fiscal policy in Europe.

Weather change and its consequences are inevitable.  Governments and rating agencies around the world have tools  to “motivate” short-term-focused insurers to broaden their risk perspectives, with their executives facing personal liabilities if their coverage reserves fall short. Without more aggressive moves, the rest of the world could end up like Grenada and Jamaica, circa 2004.

While markets are again correctly obsessing over Italy and Spain’s poor economic growth prospects, as reflected in markedly higher government bond yields for those two countries, they seem to have taken their eye off two upcoming political events that could usher in a new and more serious phase of the...

The governments in Russia and China very much want to uphold the principle that every now and then the state must crush people who want freedom. That is why they worked together to veto a fairly toothless United Nations resolution condemning the regime in Syria and calling for President Bashar Assad, the lipless murderer who runs the place, to step down.

When candidates flip-flop, their poll numbers suffer, but when countries flip-flop, entire economies suffer. This scenario is playing out in India after the government flip-flopped on its decision to allow retail giants such as Wal-Mart to own a majority 51% stake in joint operations with a local partner.

Because of massive, sustained budget deficits by several eurozone countries, some could default on their sovereign debt obligations, or the euro itself might disintegrate, profoundly affecting the EU’s political and economic future. Very little media attention, however, is focused on a very different, but even more important, EU problem, namely its “democratic deficit.”

The stage now seems to be set for perhaps the final act in the Euro-zone debt crisis. With its economy literally imploding, social tensions close to the boiling point, and its IMF program woefully off track, there is every prospect that Greece will experience a hard default by year end.

The most disturbing aspect of the plot to kill Saudi Arabia's ambassador to the United States is that Iran's thugs are developing a strategic partnership with Mexico's most violent thugs: Los Zetas.