As a rattled Donald Trump struggled to parry a composed Hillary Clinton in the waning moments of last week’s presidential debate, markets began to rally in Asia and the price of gold started to fall. Those were sighs of investor relief, news articles asserted, that a Trump presidency was becoming less likely. If so, it was the first time ...

  My column last week focused on the headwinds facing the European banking system and the broader implications of Deutsche Bank’s fall from grace, including the decline in its stock price by more than half. Let’s now take a closer look at factors that are specific to the bank, including what may happen, and what probably won’t, starting with the ...

  There continues to be a steady drumbeat of editorials and essays warning about the danger of too much private debt. One of the most articulate and thorough of these was a recent op-ed by Richard Vague in Democracy Journal, arguing that excessive debt levels are putting the world in danger of a big economic crisis. But this worry is ...