In a kinder, gentler, alternate universe, Ohio Governor John Kasich is the Republican nominee for president. Former Florida Governor Jeb Bush is out stumping for Kasich and plotting the education and immigration policies that he’ll pursue in the vice president’s office. (Substitute Senator Marco Rubio in the veep slot if you prefer; I went with the Floridian who demonstrated ...

  Over the past eight years, the major central banks have increased their balance sheets to $18 trillion from $6 trillion, predominantly through the purchase of their own government’s bonds. While the Fed has ended its QE program, the European Central Bank and Bank of Japan continue theirs. But those too will eventually come to an end. What happens next ...

  Events have lately been mounting an impressive case against referendums. Britain voted to leave the European Union. Colombia rejected a deal to end its decades-long conflict with FARC revolutionaries. Hungary just said no to (modest) European Union quotas for the resettlement of refugees. Poor choices all. These recent cases aren’t anomalies. They’re consistent with a history of bungled decisions ...