WASHINGTON—Back when the Soviet Union had a first-rate nuclear arsenal but a ramshackle third-world economy that produced no consumer goods other than vodka and caviar that anyone elsewhere would buy, the nation was disparaged as "Upper Volta with rockets." Today the question is: Would North Korea like to become Upper Volta without rockets and without exportable vodka or caviar? This question is central as the president undertakes to bring about the "complete, verifiable and irreversible" dismantling of the nuclear weapons program that has been the North Korean regime's obsession for
WASHINGTON—From Scotland, where Adam Smith pioneered systematic thinking about economics, comes an adjective, "carnaptious," that fits people who are allergic to economic euphoria. It means cantankerous. Let's think carnaptiously about this fact: The interest rate on 10-year Treasury bonds recently rose briefly to 3 percent, and soon may move above this. This is more than evidence of the economy's strength. It also is a harbinger of a coming day when the great driver of the national debt will be ... the national debt.
WASHINGTON—In his first annual message to Congress, John Quincy Adams, among the most experienced and intellectually formidable presidents, warned leaders against giving the impression that "we are palsied by the will of our constituents." In this regard, if in no other, the 45th president resembles the sixth.