The Thursday wrap
The deals that Penn State struck with 26 victims of sexual abuse at the hands of convicted former assistant football coach Jerry Sandusky are sealed under a confidentiality agreement. Buncombe! This is a public institution that enjoys significant public subsidies. The university says insurance — not tuition, not taxpayers and not donations — will pay the settlements. So, who pays the insurance premiums? You can bet it wasn't The Great Pumpkin. ... Financial mavens close to President Obama — including, reportedly, Federal Reserve Chairwoman-nominee Janet Yellen — are said to be pining for a bit of inflation. They're under the impression that a little inflation (not much different from being a little bit pregnant) would be a good thing for the still-struggling economy. But as Victor Davis Hanson reminds, writing in National Review Online, even a slight rise in the inflation rate “would make servicing the huge debt nearly unmanageable.” Ms. Yellen & Co. should be careful what they wish for. ... Here's the latest from the spy wars: The national intelligence director says the White House, despite assertions to the contrary, was fully aware of the National Security Agency's foreign eavesdropping efforts. But a British newspaper reports that European intelligence services pretty much handed over to the NSA the material it sought, despite Europe's outrage over the public revelations. Spycraft meets statecraft meets stagecraft.