A profound change is occurring in the global economy, as the emerging market economies enjoy much more rapid growth and relatively much sounder public finances than the industrial countries, which will place increasing global economic importance on the emerging economies.

With Europe collapsing, China stumbling, and India and Brazil retreating from full free market reform, we’re the last stable, pro-growth economy left.  

In the run-up to this weekend's G-8 summit at Camp David, journalists have unfavorably compared European "austerity" with Barack Obama's economic policies.

Judging by the financial market's renewed unease about Italy and Spain over the past week it would seem that all that the European Central Bank's €1 trillion liquidity injection in the European banking system bought was around four months of relative market calm.

Ever since its founding in 1948, the Democratic People's Republic of Korea has maintained an aggressive and bellicose international security posture. Today, fully two decades after the end of the Cold War, North Korea's external defense and security policies look arguably more extreme and anomalous than ever.

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.

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.

President Barack Obama has been on a tour of college campuses touting proposals to lower student loan repayments for college graduates. He hopes to rekindle the enthusiasm of young voters, who in 2008 favored him over Sen. John McCain by more than two-to-one.

Ironically, these same young Americans...