The end is coming for Libor and financial markets need to get ready. That’s the view of Morgan Stanley’s Tom Wipf. He heads the Federal Reserve’s Alternative Reference Rates Committee, which on Thursday released recommendations for language to enable contracts linked to the beleaguered London interbank offered rate to work even if the benchmark disappears. Darrell Duffie, a finance professor at Stanford University, has also underscored the risks involved with shifting away from a set of benchmarks that underpin some $200 trillion in dollar-denominated instruments.

In 1999, Carl Shapiro and Hal Varian published Information Rules: A Strategic Guide to the Network Economy. In their book, they acknowledged that the global economy was changing dramatically and posited that relatively minor forces in the industrial economy would play a critical role in the network economy. These changes invited their careful reassessment of existing legal, policy, and regulatory institutions, anchored by serious formal theoretical economic reasoning and empirical analysis.

This week, Social Security’s trustees issued a dire warning. In their 2019 annual report, they announced that future costs for the program will be 20 percent higher than projected revenue. As soon as next year, Social Security’s yearly expenses are expected to exceed its income — forcing the program to begin drawing down its trust funds.

American Indians as Wards of the State.