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America’s stockmarkets are ending the year at, or near, record highs, fuelled largely by enthusiasm about artificial intelligence. But in a guest essay Ken Miller, an author and former Wall Street banker, argues that looser regulation and a compensation system little changed since the crisis of 2007-09 are teeing up the next financial debacle.
Kriegstüchtig—a German word meaning “war-ready”—is one of the non-English terms that have featured in some of the big stories of 2025. Check out the full list, as well as our word of the year in The Economist’s mother tongue. | 
