In the soon-to-come world of triple-digit oil prices, distance will cost money. All of a sudden geography will become a lot more important to trade patterns than it has been in the ever-shrinking global economy.
Record fiscal stimulus and printing money have become the new orthodoxies in American economic policy, even as most of the US's trading partners are reining in their fiscal deficits and hiking interest rates.
This year, the International Energy Agency is taking a far more sober perspective on the world's oil-consuming future due to our ever-greater reliance on costly unconventional oil sources.
Clumping fiscally wayward economies with much lower per-capita incomes, like Portugal, Spain, Ireland and Greece, into a common currency union with Northern Europe is not sustainable.