In a world awash in debt, power shifts to creditors.

Media reporters have pointed out that the paragraphs in my Time column this week bear close similarities to paragraphs in Jill Lepore's essay in the April 22nd issue of The New Yorker. They are right. I made a terrible mistake. It is a serious lapse and one that is entirely my fault. I apologize unreservedly to her, to my editors at Time, and to my readers.

In the 1990s, we were certain that Saddam Hussein had a nuclear arsenal. In fact, his factories could barely make soap.

If you listen to the political discourse in America today, you would think that all our problems have been caused by the Mexicans of the Chinese or the Muslims. The reality is that we have caused our own problems. Whatever has happened has been caused by isolating ourselves or blaming others.

I very much want to be in the business of creating content, of doing stories all over the world rather than figuring out what the business model is for 'Newsweek' on the iPad, although that's very important work as well.

In a very weak economy, when you say 'cut government spending,' what you mean is you're laying off school teachers and you're de-funding various programs that put money into the economy. This means you have more unemployed people that then draw unemployment benefits and don't pay taxes.

What we see today is an American economy that has boomed because of policies and developments of the 1950s and '60s: the interstate-highway system, massive funding for science and technology, a public-education system that was the envy of the world and generous immigration policies.