As the relatively easy prosperity of the 1990s fades, we learn again that success is a poor teacher. Mergers that promised the moon had little lasting impact beyond lower stock prices, massive layoffs and creative re-naming. Mideast tensions spell trouble for automakers whose ever-larger SUVs show faith in bulk, not efficiency. With universities' bandwidth maxed out on downloading music, not academic work, many young adults eager to join the gravy train are finding their skills aren't sharp enough for real competition. They get wooed, but not retained.
Wealthy nations seem poorly prepared for adversity.
The European Union is a tenuous alliance. Anti-Semitism is back. Protectionism is on the rise. The Euro is weak. Inflation seems poised to spiral, as consumers flash credit cards to sustain habits of spending.