Find the trend whose premise is false, and bet against it.

America felt victorious and generous after World War II. They had also learned from the mistakes after World War I when they imposed punishment on Germany. What became of Germany? A Nazi dictatorship which threatened the world. Today's Germany doesn't feel as prosperous and generous as America then. But actually, Germany still is very prosperous.

It is credit that matters, not money (in other words, monetarism is a false ideology).

If the bubbles contain a misconception, as they always do, then it can't be maintained forever.

Advocating democracy has, by other people, often been taken as a form of imperialism, and not without some justification. So the important thing in a democracy is that it doesn't necessarily have to agree with what America's interests are, and it doesn't necessarily have to be serving American interests.

Bush's war in Iraq has done untold damage to the United States. It has impaired our military power and undermined the morale of our armed forces. Our troops were trained to project overwhelming power. They were not trained for occupation duties.

We can speak of the triumph of capitalism in the world, but we cannot yet speak about the triumph of democracy. There is a serious mismatch between the political and the economic conditions that prevail in the world today.