[Subscription Required] The downward spirals have begun. The combined Social Security trust funds—one for disability, one for retirement—as well as Medicare's hospital-insurance trust fund, will begin eating into their reserves this year, according to reports released this week by the programs' trustees.

Unlike many other European countries, Italy still has not restored economic growth to its pre-crisis level – a fundamental failing that lies at the heart of many of its political problems. Now that a new anti-establishment government is taking power, it remains to be seen if the economy will be remade, or broken further.

I am honored to be here alongside my Chairman, Ben Bernanke. Ben was the academic star whose remarkable leadership attributes emerged during our nation’s darkest days. And I was fortunate to be at Ben’s side, tasked with distilling market signals and leading a SWAT team of immensely talented, tireless Fed professionals.

The Rhone River Valley in southern France is a storybook marriage of high technology, traditional vineyards and ancestral villages. High-speed trains and well-designed toll roads, crisscross majestic cathedrals, castles and chateaus.