HEADING TOWARD a global Weimar? “Here’s the rub: The major powers think that the crisis is only fleeting, and that we’ll soon return to the old order. No one really wants to undertake the profound changes necessary to resolve it. Although the world’s public debt should be cut, now it is only being increased.” Not sure I buy his analysis, but I am sure that I hope he’s wrong . . . .

Plus, is it really true that Federal obligations exceed world GDP? I don’t think it is. I certainly hope not.