COVER

WORLD

The Vanguard of Disaster

Jerez is Spain's most indebted city and may be a portent of a broader crisis. Scenes from a country in free fall

LETTERS

BUSINESS

China's Talent War (Executive Recruiting)

The world's most populous nation is short on homegrown business brainpower to lead its companies. What Chinese firms are doing to lure — and hold on to — the best and brightest

THE CULTURE

ESSAY

Decline of the West

As NATO meets in Chicago, is the world's biggest military alliance fading into obsolescence?