By Bill O'Reilly

Earlier this week I was speaking with Henry Kissinger, who has a new book out on China. The former secretary of State and I agree that China believes the U.S. may collapse economically, and so the Chinese government is very apprehensive because it holds so much of America's debt.

This week in Europe, President Obama will get quite an earful from foreign leaders who believe, as China does, that the USA is in dire trouble because of its massive debt. If America's economy collapses, the whole world will suffer. But many Americans are not getting that.

The election on Tuesday in upstate New York, where a Democrat won a congressional seat in a heavy Republican district, shows that some voters simply do not understand that Medicare has to be reformed. The winner, Democrat Kathy Hochul, campaigned on not doing anything about the exploding cost of Medicare. Her campaign scared elderly people.

The fact is that the Democratic Party simply will not tell the truth. You cannot sustain entitlements like Medicare and Social Security based on their present form. There is not enough money to do that, no matter how high you raise taxes.

"Talking Points" recommends you watch the HBO movie "Too Big to Fail," which debuted this week. It chronicles how close the USA came to a financial collapse three years ago and how the bailout came just in time.

Three years ago in real life, I told you this:

(BEGIN VIDEO CLIP)

O'REILLY: If the government does not bail out the financial industry, foreign investment will cut and run. That will lead to a worldwide depression -- not a recession, a depression. You might lose your job; you certainly will lose value in your house and investments. Ideological theory has to walk when faced with that.

(END VIDEO CLIP)

That "Talking Points" was a tough call because I don't want federal government involved in private industry, and I don't want my tax dollars bailing out failing companies. But it had to be done and we made the right call, while many others did not.

The reason we were correct was that I saw panic on the face of President Bush. The man was trying to warn the country, but many Americans simply wouldn't listen.

That is the exact same scenario today. We cannot add to the $14 trillion debt. The Democratic Party and President Obama have to stop deficit spending. They have to cut back on entitlements and everything else. Medicare and Social Security have to be reformed or America will suffer like it has never suffered before.

By the way, in order to save the country, the feds spent $411 billion on bailouts. So far $260 billion of that has been repaid. Not a bad investment.

And that's "The Memo."

Pinheads & Patriots

Seventeen-year-old pop star Justin Bieber is capitalizing on his fame, no question. Now the kid has a fragrance, some perfume or something. Do you want to smell like a 17- year-old? I don't think so. Anyway, Justin says all the proceeds will go to charity. That's patriotic. But the exploitation of this young man is certainly pinheaded. We just hope he doesn't go the way of other teen idols, like Leif Garrett.

As for the patriot, 21-year-old Taylor Swift in the zone:

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TAYLOR SWIFT, SINGER: All proceeds tonight -- T-shirts, merch, tickets, everything -- will be going to the victims of these tornadoes. We don't have the final tally yet, but we do know that so far, just based on tickets alone, you have raised over $750,000.

(END VIDEO CLIP)

Wow. "The Factor" has confirmed $750,000 is the number that's going to the victims of the terrible tornadoes. Miss Swift is obviously a patriot. Think she got the idea from BillOReilly.com? I know Taylor watches.

— You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.