Janet Yellen, who will serve as the 15th chair of the Board of Governors of the Federal Reserve System after her likely confirmation in December 2013, faces some formidable challenges as the economy and financial system continue to recover from the long-lasting effects of the global financial...

The willful US fiscal crackup of 2012-13 will impose costs unless politicians' change their behavior and return to practicing good governance. In the past, the United States ran deficits, or put off some harder long-term choices, but basic budgetary processes worked. Everyone worldwide, whether...