Thanks to a recent extraordinary rise in public and private giving, today more money is being directed toward the world's poor and sick than ever before. But unless these efforts start tackling public health in general instead of narrow, disease-specific problems -- and unless the brain drain from the developing world can be stopped -- poor countries could be pushed even further into trouble, in yet another tale of well-intended foreign meddling gone awry.

With the Taliban resurgent, reconstruction faltering, and opium poppy cultivation at an all-time high, Afghanistan is at risk of collapsing into chaos. If Washington wants to save the international effort there, it must increase its commitment to the area and rethink its strategy -- especially its approach to Pakistan, which continues to give sanctuary to insurgents on its tribal frontier.

The massive growth of hedge funds has sparked warnings of instability and demands that the industry be regulated. But the fear of hedge funds is overblown, based on a misunderstanding of their role in the international financial system. In reality, hedge funds do not increase risk; they manage it -- and policymakers, rather than clamping down, should make sure hedge funds have the tools to perform this function well.