Where countries have been able to carry through on their reform commitments - as in Korea, Thailand and the Philippines - results are starting to come in the form of lower interest rates, new investment and increased growth.

The major challenge for the United States is whether it can become the first outward-looking, continental, nonimperialist power in history.

Blaming speculators as a response to financial crisis goes back at least to the Greeks. It's almost always the wrong response.

With uncertainty in oil markets, a buildup of speculative pressures and the large U.S. current account deficit, there is a real possibility that Paulson's crisis-management skills will be tested.

The only antidote to dangerous ideas is strong alternatives vigorously advocated.

Start with the idea that you can't repeal the laws of economics. Even if they are inconvenient.

You can't have a situation in which companies proceed on a permanent basis relying only on cash from the government.