Our failure to properly deal with Germany and Japan early cost the world dearly later on. We dare not make the same mistake with China.

A promise made should be a promise kept.

Over time, there's a very close correlation between what happens to the dollar and what happens to the price of oil. When the dollar gets week, the price of oil, which, as you know, and other commodities are denominated in dollars, they go up. We saw it in the '70s, when the dollar was savagely weakened.

Mr. Greenspan did a very good job in the early 1990's. But recently he's fallen prey to this crazy theory that prosperity causes inflation. So they're trying to slow the economy down by raising interest rates. It's like a doctor saying you're in great health, so we have to make you sick a little bit. It's a bizarre theory. It's going to hurt our economy.

You make more money selling advice than following it. It's one of the things we count on in the magazine business -- along with the short memory of our readers.

People are not going to reelect Barack Obama. But will the new president govern as a real conservative? We're going to have to apply the heat to make sure.

Today, the US spends less on defense as a percentage of our economy than we did at any time since he Japanese attack on Pearl Harbor. For the world's only superpower, that is an invitation to very serious trouble.