Why Does America Keep Losing Wars?

America has just withdrawn its B-1 bombers from their base at RAF Fairford, retreating in the face of a threat that remains unclear. Nobody has shot the bombers down, nobody has attacked the base and Iran denies that it was planning to do so. But intelligence suggesting that the aircraft and the people operating them … Read more

Trump: Markets, Power, and Inside Information

There is a structural problem in modern politics that we don’t talk about enough. Markets move on information. Governments create information. And in an age of erratic communication, that information is often released in ways that are unpredictable, informal, and badly timed. Take Donald Trump. One of the defining features of his recent presidency has … Read more

Why Trump Is Breaking the World

Trump is bonkers Donald Trump’s speech to the World Economic Forum at Davos was a rambling, incoherent mess. His letter to the Prime Minister of Norway was equally unhinged, blaming Norway’s failure to award him the Nobel Peace Prize for the crisis over Greenland. He appears not to understand the difference between Norway and Denmark … Read more