In my previous two articles, I have shown that Paul Krugman - revered by his acolytes as the Invincible Krugtron - failed to anticipate the financial crisis and wrongly predicted that the single European currency would fall victim to it.

As I pointed out yesterday, Paul Krugman’s right to consign others to the “Always-Wrong Club” , and routinely to insult anyone who dares to disagree with him, is fatally vitiated by his own embarrassingly bad record of commentary on the European phase of the financial crisis.

It’s an ill wind that blows no one any good. The financial crisis that came to a head five years ago with the failure of Lehman Brothers has been especially beneficial to the economist Paul Krugman.

In the words of a veteran investor, watching the U.S. bond market today is like sitting in a packed theater and smelling smoke. You look around for signs of other nervous sniffers. But everyone else seems oblivious.

Nestled amid the green Crimean hills, lapped by the Black Sea’s languid waves, Yalta’s battle-scarred appearance in February 1945 prompted Winston Churchill to call it “the Riviera of Hades.” It still has the faint aura of a seaside resort for secret policemen.

Not for the first time, human rights violations by a Middle Eastern tyrant pose a dilemma for leftists on both sides of the Atlantic. On the one hand, they don't like reading about people being gassed. On the other, they are deeply reluctant to will the means to end the killing, for fear of acknowledging that western – meaning, in practice, American – military power can be a force for good.

The United States is where great things are possible." Those are the words of Elon Musk, whose astonishing career illustrates that the American dream can still come true.