niall ferguson

The academic tussle over stimulus spending is a sign that the Establishment has run out of ideas about how to turn around a limping economy. America needs effective policy responses now -- not a raging battle in ivory towers.

Paul Krugman thinks the foundering economy may right itself this summer, he said in a speech today in London. Evidently, investors agree. Not long after the Nobel laureate and New York Times columnist made his prediction, stocks surged. "I would not be surprised if the official end of the U.S....