The $2 billion loss at JPMorgan Chase (JPM) has reopened debate on the Volcker rule. The proponents of the rule have seized on the story as proof that the Volcker rule is necessary and should be quickly put into effect by regulation. In reality, however, if the facts are as thus far reported, what happened at JPMorgan is proof that the Volcker rule is unworkable and should be repealed. 

At this Bradley Lecture, Walter Russell Mead will discuss why the core institutions, ideas and expectations that shaped American life for the 60 years after the New Deal don’t work anymore.

Jonah Goldberg's new book explores and dismantles a number of cliches used in the war of ideas.

Since when do elected officials get to decide that they are “done compromising,” as the president’s chief of staff asserted?

...

Under current law, the U.S. Department of Defense automatically faces significant spending cuts over the next 10 years—cuts that america's civilian and military leaders have cadidly described as "devastating" and "very high risk."

Iran's threats to close the vital Strait of Hormuz, its naval exercises in nearby waters, and the ominous increase in tensions over its nuclear weapons program all point to a dangerous year ahead.