Saudi Arabia and Iran lurched into a dangerous situation last week, with Saudi Arabia executing a Shia cleric and Iranian militants the attacking the Saudi embassy, which has now been closed. The United States is inevitably involved, with troops in Syria, Iraq and Afghanistan. Yet it’s difficult to see what vital U.S. interests are at […]

Imagine a game of Monopoly(™ Parker Brothers) in which the money supply for each player was infinite. You would see a glut of houses on all available spaces, followed in due course by a glut of hotels. Players would never go bankrupt, and all available spaces would be built until they could not physically hold […]