BUSINESS: "Foundation of New World Order Is Uncertainty," by Tom Lauricella, Wall Street Journal, January 2, 2009

The bit that caught my eye:

In a recent report about the Fed's aggressive steps to flood the financial system with credit, Anatole Kaletsky of Hong Kong-based GaveKal Research, posed the question: "What happens when an irresistible force"--the Fed's actions--"hits an immovable object"--the paralyzed global economy?

"The correct answer is that there is no answer," Mr. Kaletsky wrote. Eventually, the Fed's moves are likely to fuel a rebound in economic activity, he says, but "nobody yet has any idea how much permanent damage may have been done to the structural underpinnings of U.S. and global capitalism."

What I like about the piece and especially the title: now we're finally describing this world order directly--its economics rather than the fantasy of great-power war scenarios.

There are a lot of conventional grand strategists who are simply lost in this world.