Over the past two years, China's foreign policy has become more belligerent. But Washington should not wish for a weaker Beijing. In fact, on problems from nuclear proliferation to climate change, the United States needs a more confident China as a partner.

Realist international relations theorists usually would predict that the basic pressures of the international system will force the United States and China into conflict. But properly understood, realism offers grounds for optimism in this case, so long as Washington can avoid exaggerating the risks posed by China's growing power.

The current debate over quantitative easing overlooks the important question of domestic economic strategy in both the developed and developing world. Put simply, consumers in industrial economies buy too much, and those in developing ones, too little.