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Punk Rock's Poet Laureate (CBS News Interviews Patti Smith)

Performance of "Everybody Wants to Rule the World" may be found here.

(CBS) "The people rule. Not corporations. Not government."

Patti Smith's ad-lib at the end of a song she performed on The Early Show Friday got a hearty cheer from the audience, and summed up a large part of the philosophy that helped propel her to the top of the rock world, and that spurs her to this day.

Known by some as "the godmother of punk," and by others as punk's poet laureate, Smith was at the Rock 'n' Roll Hall of Fame in Cleveland as part of The Early Shows "Summer in the City Tour."

Inducted into the hall in March, the icon came out with her 12th album the following month, called, appropriately, "Twelve." And she begins another national tour July 31.

She told co-anchor Harry Smith getting inducted "was actually a very emotional moment. It meant that, you know, the work that we've all done has been recognized. And that we stand next to great — the great people such as Jimi Hendrix and Bob Dylan and Bo Diddley, and I'm very proud of this, and proud of our band and it's just — it's all so — you know, we're a people's band. So, I figure, if we get inducted, it's sorta like the people get inducted."

Asked by Harry Smith what she was thinking when she decided to go the route she did for "Twelve," Patti Smith said simply, "I was crazy!"

"I really wanted to. It's like a little present to the things that I think about, spiritually and politically, to take some of our great artists and focus on their lyrics and put it all together as a celebration of our great canon of rock 'n' roll," she continued.

Harry Smith told viewers they "have to get" the new CD, adding, "(It's) a re-imagining of some of these really great songs, as only (Patti Smith) could do it."

"Twelve" is also drawing raves from the underground and mainstream music press.

It features her interpretations of cover songs originally recorded by some of rock's most influential figures, including Dylan, Hendrix, the Doors, Rolling Stones, Beatles, and Paul Simon.

Smith, herself, is widely considered one of the most influential artists in rock history.

Since taking the rock world by storm 32 years ago with her seminal album, "Horses," Smith, who still considers herself a poet, has helped pave the way for women rockers.

Now 60, a widow and mother of two, she's just back from a successful two-month tour of Europe.

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