As the president says, we misunderestimate him. He was not born stupid. He chose stupidity. Bush may look like a well-meaning dolt. On consideration, he's something far more dangerous: a dedicated fool.

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"We have failed." And, "The issue is how high a price we're going to pay -- less, by getting out sooner, or more, by getting out later."

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In a July 15, 2001 article in the Observer of Britain, "Dr Strangelove rides again", broad concerns presented by the evolving US nuclear posture were reported. "The real issue, experts insist, is not whether an anti-missile system is feasible or desirable, but what kind of military and diplomatic policies a US ... would enact under a protective umbrella able to neutralize the threat of a nuclear strike on the US mainland.

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Fixed investment, or investments in fixed assets such as real estate or factories, grew by more than 40 percent in the first quarter year-on-year. This is the fastest growth in China's modern history - almost three times the 25-year average of 15 percent. What this means is that investors are shoveling money into real estate, which is jacking up prices and creating an artificial bubble just waiting to pop - figures from the end of 2003 estimate that real-estate vacancies stand at 26 percent, quadruple the US figure, eight times Hong Kong's and two and a half times the international norm.

In industries supporting real-estate construction, such as steel, cement and building supplies, fixed investment is as high as 172 percent (iron and steel). Official government estimates say that when all steel projects currently under construction come to full production, they will turn out more steel in 2005 than the country will be able to use until 2010.

The China Banking Regulatory Commission said last week that banks should stop lending to steel, aluminum, cement, real-estate and automobile industries. And over the weekend Vice Premier Huang Ju said that government will suspend projects in these areas, and tighten approval for new projects.