A Year of Living on the Brink
History will mark down 2014 as the year predicted 49 years ago by Martha and the Vandellas. In 1965 the group recorded a Motown classic, "Nowhere to Run, Nowhere to Hide." We're there, at the brink.</br></br>Liberia, ISIS, Ukraine, Hong Kong, a hospital fighting Ebola infections in Dallas, the year's stock-market gains obliterated, and I almost forgot -- just last week Secretary of State John Kerry warned that climate change could end life as we know it.</br></br>Then this week the clouds parted and the year's best news arrived: Led by Europe's sinking economies, global economic growth is falling, taking stocks and bonds with it, and the world's central bankers say they have run out of ideas on doing anything about it.</br></br>How this is good news requires explanation.</br></br>The annual meetings of the International Monetary Fund concluded in Washington last weekend. This gathering of the world's finance ministers, central bankers and international financial organizations sets the tone for the direction of the world's economic prospects.