From the December issue of The Atlantic (
link).
A prominant financier argues that the heedless assertion of American power in the world resembles a financial bubble - and the moment of truth may be here by George Soros
It is generally agreed that September 11, 2001, changed the course of history. But we must ask ourselves why that should be so. How could a single event, even one involving 3,000 civilian casualties, have such a far-reaching effect? The answer lies not so much in the event itself as in the way the United States, under the leadership of President George W. Bush, responded to it.
<snip>
September 11 introduced a discontinuity into American foreign policy. Violations of American standards of behavior that would have been considered objectionable in ordinary times became accepted as appropriate to the circumstances. The abnormal, the radical, and the extreme have been redefined as normal. The advocates of continuity have been pursuing a rearguard action ever since.
To explain the significance of the transition, I should like to draw on my experience in the financial markets. Stock markets often give rise to a boom-bust process, or bubble. Bubbles do not grow out of thin air. They have a basis in reality - but reality as distorted by a misconception. Under normal conditions misconceptions are self-correcting, and the markets tend toward some kind of equilibrium. Occasionally, a misconception is reinforced by a trend prevailing in reality, and that is when a boom-bust process gets under way. Eventually the gap between reality and its false interpretation becomes unsustainable, and the bubble bursts.
<snip>
Where are we in this boom-bust process? The deteriorating situation in Iraq is either the moment of truth or a test that, if it is successfully overcome, will only reinforce the trend.
<snip>
A recent Council on Foreign Relations publication sketches out three alternative national-security strategies. The first calls for the pursuit of American supremacy through the Bush doctrine of pre-emptive military action. It is advocated by neoconservatives. The second seeks the continuation of our earlier policy of deterrence and containment. It is advocated by Colin Powell and other moderates, who may be associated with either political party. The third would have the United States lead a cooperative effort to improve the world by engaging in preventive actions of a constructive character. It is not advocated by any group of significance, although President Bush pays lip service to it. That is the policy I stand for.
<snip>
I propose replacing the Bush doctrine of pre-emptive military action with preventive action of a constructive and affirmative nature. Increased foreign aid or better and fairer trade rules, for example, would not violate the sovereignty of the recipients. Military action should remain a last resort. The United States is currently preoccupied with issues of security, and rightly so. But the framework within which to think about security is collective security. Neither nuclear proliferation nor international terrorism can be successfully addressed without international cooperation. The world is looking to us for leadership. We have provided it in the past; the main reason why anti-American feelings are so strong in the world today is that we are not providing it in the present.
Here's a link to
Soros biography, and go
here for a very entertaining article on Soros from the RW's perspective.
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