Contagion has become very much a phenomenon, and it's a phenomenon of globalization.

With uncertainty in oil markets, a buildup of speculative pressures and the large U.S. current account deficit, there is a real possibility that Paulson's crisis-management skills will be tested.

In politics, as in poetry, it is sometimes true that it is darkest before dawn.

Deflation and secular stagnation are the risks of our time.

Start with the idea that you can't repeal the laws of economics. Even if they are inconvenient.

Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular.

The major challenge for the United States is whether it can become the first outward-looking, continental, nonimperialist power in history.