Hard Power, Soft Power, Muscovy, Strategy, and My Once-Again Failure to Understand Where Niall Ferguson Is Coming From: Live from Le Pain Quotidien
Liveblogging the American Revolution: January 5, 1777: Washington Describes Victory at Princeton,

Afternoon Must-Read: Ed Luce: US Should Enjoy Sunshine While It Lasts

Ed Luce: US Should Enjoy Sunshine While It Lasts: "The contrast with the Reagan years is telling....

...Today the US is not strong enough to lift the rest of the world out of a downturn. But it is robust enough to continue to motor ahead even if Europe and Japan stall.... The stock market boom has helped revive the housing market and pension valuations.... By historic standards, the US equity markets are not yet in bubble territory. US corporate balance sheets are also strong....

Why, then, are so few people popping the champagne? The answer is simple. Most Americans are worse off than they were at the beginning of the 21st century, while the top sliver are dramatically richer.... The US system still has the wherewithal to generate growth.... But it is neither your parents’ recovery, nor your grandparents’. This coming year will be America’s best in a decade. It will nevertheless elude most Americans.