Niall Ferguson

The twentieth century was the bloodiest era in history. Despite the comfortable assumption that the twenty-first will be more peaceful, the same ingredients that made the last hundred years so destructive are present today. In particular, a conflict in the Middle East may well spark another global conflagration. The United States could prevent such an outcome -- but it may not be willing to.

From Washington to Baghdad, the debate over American empire is back. Five new books weigh in, some celebrating the imperial project as the last best hope of humankind, others attacking it as cause for worry. What they all fail to understand is that U.S. power is neither as great as most claim nor as dangerous as others fear.

Did the United Kingdom's influence in its heyday match the United States' today? Two Hegemonies provides an answer; but "empire" might be the better word.

To date, the successful launch of Europe's single currency has proven the euroskeptics wrong. But over time, the euro will be gravely threatened if the countries in the eurozone do not put their fiscal houses in order. Generational accounting, a careful analysis of long-term trends, paints a bleak picture: unsustainable spending will bury future generations under mountains of debt. Most governments using the euro must either endure deep budget cuts, swallow sharp tax hikes, or be forced out of the eurozone.