The historian assesses that the investment of the wealthy classes in the Bank of England wedded them to the fate of the nation as a whole and to the maintenance of its stability.

The Arab states don't seem to do a good job of providing for their own people, so I am not sure why they would suddenly develop an ability to help the Palestinians.

What begins in arrogance often ends in shame.

Mr. Obama's approach to engagement to some degree makes him dependent on people who wish neither him nor America well. This doesn't have to end badly and I hope that it doesn't - but it's not an ideal position after one's first year in power.

Carter's hopes died when the Soviet Union invaded Afghanistan and he ended up having to reverse policy and launch the military buildup that Reagan continued. Mr. Obama would be forced back into a war on terror if terrorist groups pull off enough damaging or frightening attacks to force this issue to the fore.

Life isn't easy, and leadership is harder still.

We Americans look at the last 300 years of history, and we basically see a world that's getting better and better. The rule of freedom expands. The economy develops. We have risen to become the world's greatest power.