The Colonies Strikes Back

WSJ Markets

• Asia on Debt Binge as World Sobers Up
  Asia's emerging economies are piling on debt to fuel growth, in stark contrast to the scaling back of private debt in the U.S. and Europe.
• Rocky Start for Stocks' New Circuit Breakers
  Rules to curb violent stock swings are getting praise from some. But their slow introduction couldn't stop American Electric Power's 54% slide.
• Durable Goods Tell Two Different Stories
  The fact that Caterpillar's North American shipments of its machines to dealers fell 18% in April bodes poorly for Friday's report of April U.S. durable-goods figures. But the picture isn't so dire.
• Lessons for Euro From Two Revolutions
  Europe overturned the convention of history when, unlike the U.S. or Germany before it, it created monetary union before political union. Now it is paying the price.