What to make of the Hesse election I have a wide assortment of political economy stories to present today. I can't pack them all into one newsletter. So I am going to break out a few into separate posts. I want to start with the news out of Germany that Angela Merkel will not run for another term in office, either within her party or as Chancellor. The reason: her party took another shellacking at the polls in the state elections in Hesse at the weekend. The CDU remained the largest party in Hesse. But its vote share nosedived to 27%, its worst showing in half a century. That's down from 38% in the last state election just five years ago.