If you've read my editors' blog posts over the years, you likely know that I am at heart a small-c conservative and instinctive institutionalist. There are up and down sides to that way of approaching the world. But it's a posture that colors my reactions to most things. On that front, last night's events in the UK fill me with no little foreboding. Sure, the pound was in free fall over night. The British equities market is getting hammered. Those are likely transitory events - at least the instability, if not the absolute values. But look a bit further down the road.
Look at the map.Read More →