As a young man I thought I knew everything, and as a middle-aged man I still think I know everything but have allowed myself some subtle U-turns on things I once believed to be universal truths.

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But isn't the federalization of pretty much everything in a diverse country like the U.S. just another exercise in imperial overstretch?

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But it also comes from increased investor appetite for hedging and speculating on the movements of everything from rates on U.S. Treasuries to foreign currencies and energy prices.

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