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The new stagflation: an Asian export

Financial Times, by Stephen Roach - Fears of 1970s-style stagflation are back in the air. Global bond markets are growing ever more nervous over this possibility, and US and European central bankers are talking increasingly tough about the perils of mounting inflation.

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A Truman for our times

Prospect, by Edward Luttwak  - The received wisdom is that President Bush has been a foreign policy disaster, and that America is threatened by the rise of Asia. Both claims are wrong—Bush has successfully rolled back jihadism, and the US will benefit from Asian growth.

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