This new Red Scare says a lot about America's collective psyche at this moment. A nation with a per capita income of $6,546 -- ensconced above Ukraine and below Namibia, according to the International Monetary Fund -- is putting the fear of God, or Mao, into our hearts. Here's our commander in chief, President Obama,talking about clean energy this month: "Countries like China are moving even faster. . . . I'm not going to settle for a situation where the United States comes in second place or third place or fourth place in what will be the most important economic engine in the future." And the nation's pundit in chief, Thomas Friedman of the New York Times, even sees some virtue in the Chinese Communist Party's monopoly on political power: "One-party autocracy certainly has its drawbacks. But when it is led by a reasonably enlightened group of people, as China is today, it can also have great advantages."

"We have completely lost perspective on what constitutes reality in China today," said Elizabeth Economy, the director for Asia studies at the Council on Foreign Relations. "There is a lot that is incredible about China's economic story, but there is as much that is not working well on both the political and economic fronts. We need to understand the nuances of this story -- on China's innovation, renewables, economic growth, etc. -- to ensure that all the hype from Beijing, and from our own media and politicians, doesn't lead us to skew our own policy." Having lived in China during the past two decades, we have witnessed and chronicled its remarkable economic and social transformation. But the notion that China poses an imminent threat to all aspects of American life reveals more about us than it does about China and its capabilities. The enthusiasm with which our politicians and pundits manufacture Chinese straw men points more to unease at home than to success inside the Great Wall.

In other areas, politicians and pundits also have a tendency to overestimate China's strengths -- in ways that leave China looking more ominous than it really is. Recent reports about how China is threatening to take the lead in scientific research seem to ignore the serious problems it is facing with plagiarism and faked results. Projections of China's economic growth seem to shortchange the country's looming demographic crisis: It is going to be the first nation in the world to grow old before it gets rich. By the middle of this century the percentage of its population above age 60 will be higher than in the United States, and more than 100 million Chinese will be older than 80. China also faces serious water shortages that could hurt enterprises from wheat farms to power plants to microchip manufacturers. And about all those engineers? In 2006, the New York Times reported that China graduates 600,000 a year compared with 70,000 in the United States. The Times report was quoted on the House floor. Just one problem: China's statisticians count car mechanics and refrigerator repairmen as "engineers."

A recent report issued by the Chicago Council on Global Affairs highlights an enduring but growing mismatch between how America conducts its foreign policy and how the world beyond the West is spiritually evolving. Describing what the newspapers immediately dubbed a "God gap," the report (.pdf) decries Washington's "uncompromising Western secularism" as a self-imposed obstacle to broadband engagement of religious groups and parties in emerging economies and failed states. This, despite the fact that many of these religious actors are playing leading roles in facilitating their societies' embrace -- or driving their rejection -- of globalization's numerous opportunities and challenges.

Had his wife not declined to go to Ford's Theater the night of April 14, 1865, Grant might well have been killed himself. With Lincoln's assassination, Grant was left as the greatest Union hero of the Civil War. He chafed under the neo-Confederate presidency of Lincoln's successor, Andrew Johnson, won the Republican presidential nomination in 1868 almost by acclamation and was elected twice -- the only president to serve two successive full terms between Andrew Jackson and Woodrow Wilson. As president, Grant was determined to achieve national reconciliation, but on the terms of the victorious North, not the defeated Confederates. He fought hard and successfully for ratification of the 15th Amendment, banning disenfranchisement on account of race, color or previous condition of servitude. When recalcitrant Southern whites fought back under the white hoods and robes of the Ku Klux Klan, murdering and terrorizing blacks and their political supporters, Grant secured legislation that empowered him to unleash federal force. By 1872, the Klan was effectively dead. For Grant, Reconstruction always remained of paramount importance, and he remained steadfast, even when members of his own party turned their backs on the former slaves. After white supremacists slaughtered blacks and Republicans in Louisiana in 1873 and attempted a coup the following year, Grant took swift and forceful action to restore order and legitimate government. With the political tide running heavily against him, Grant still managed to see through to enactment the Civil Rights Act of 1875, which prohibited discrimination according to race in all public accommodations. Grant did not confine his reformism to expanding and protecting the rights of the freed slaves. Disgusted at the inhumanity of the nation's Indian policies, he called for "the proper treatment of the original occupants of this land," and directed efforts to provide federal aid for food, clothing and schooling for the Indians as well as protection from violence. He also took strong and principled stands in favor of education reform and the separation of church and state. Grant's presidency had its failures and blemishes. On the advice of his counselors, Grant appointed men to the Supreme Court who wound up gutting much of the legislation he himself championed. This included the 1875 civil rights law, which the court declared unconstitutional in 1883. Certainly, Grant's administration was tainted by oft-remembered corruption scandals. But Grant was never seriously implicated in any of them, although emboldened Democrats and disloyal Republicans, with the help of a sensationalist press, did their best to make the president appear the villain. (Grant ill-advisedly decided to present a stoic public face instead of fighting back.) In reality, what fueled the personal defamation of Grant was contempt for his Reconstruction policies, which supposedly sacrificed a prostrate South, as one critic put it, "on the altar of Radicalism." That he accomplished as much for freed slaves as he did within the constitutional limits of the presidency was remarkable. Without question, his was the most impressive record on civil rights and equality of any president from Lincoln to Lyndon B. Johnson.

After Grant left the presidency in 1877, he was widely hailed as the most famous and admired living American, his alleged transgressions overcome by a fabulously successful two-year world tour. He was still beloved at his death in 1885 -- a reverence embodied by his monumental tomb in Manhattan, overlooking the Hudson. But Grant came in for decades of disgraceful posthumous attacks that tore his reputation into tatters. Around 1900, pro-Confederate Southern historians began rewriting the history of the Civil War and cast Grant as a "butcher" during the conflict and a corrupt and vindictive tyrant during his presidency. And the conventional wisdom from the left has relied on the bitter comments of snobs like Henry Adams, who slandered Grant as the avatar of the crass, benighted Gilded Age. Though much of the public and even some historians haven't yet heard the news, the vindication of Ulysses S. Grant is well under way.