The Wall Street Journal’s lead story the other day carried this headline: "Global Currency Tensions Rise: Japan’s Abe Calls on Central Bank to Resist Easing Moves by U.S. and Europe." The story that followed should send a shiver of fear down the spine of anyone who cares about the global economy—and America’s.
That includes Barack Obama. Yet the president seems remarkably unhinged from the ominous realities reflected in the Journal article. Having maneuvered the opposition House Republicans into a position of political vulnerability, he seems bent on going in for the kill, defined by victory on the matter of whether taxes will rise on the top 2 percent of Americans while remaining at George W. Bush-era levels for everyone else.
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