German Chancellor Angela Merkel has realized it the hard way that the source of migration needs to be addressed. The jolt she received in the regional polls must have been a rude awakening for her. The outcome of the elections was reason enough for her to delve deeper into the refugee problem and go beyond the open-door policy. She ...

Donald Trump’s threat in Sunday night’s presidential debate to appoint a special prosecutor to go after Hillary Clinton’s use of a private e-mail server is legally empty — but it’s genuinely dangerous nevertheless. Federal regulations give the appointment power to the attorney general, not the president, precisely to protect us against a president who uses the special prosecutor as a ...

When I talk to friends in asset management, I often hear them express a deep, gnawing worry about low interest rates. Fears that low rates would spark inflation, or cause governments to default on their debt, seem to have receded. I don’t hear many people talk about a “bond bubble” anymore. But one big concern won’t go away — the ...