Feb

26

The strategy of the people blowing up chlorine tankers is based on the combined hopes of foreign intervention and American surrender. As James Dunnigan puts it, "Most of the terrorist bombings these days are the work of Iraqi Sunni Arab organizations, who still believe that if you make the Iraqi Shia Arabs mad enough, they will get so nasty that neighboring Sunni Arab nations will feel compelled to invade." The bombers' other hope is that the nightly pornography of splatter on ABC, NBC, CBS, and CNN will prove that the war is "unwinnable."

Even the most optimistic believers in the Crusade for Sharia have their doubts that the Saudi Army can be persuaded to leave their barracks and start driving towards An Nukhayb. On the other hand, the prospects for unilateral American surrender seem fairly bright - at least in the eyes of the seasoned, if not to say pickled, political press in the U.S. and Europe. The American Congressional leadership has already accepts the judgment of military experts like John Murtha, John Kerry and Chuck Hagel ("we all served in Viet-Nam and we are still pissed about it"), and nearly everyone agrees that it is all Donald Rumsfeld's fault.

Of course, it is not. Like Winfield Scott, Rumsfeld will not get the credit he deserves when victory comes, but he is the author of the first strategic success in a foreign American war since Korea. For investors the parallel is worth noting. Market observers then continued to worry about the "record" (sic) highs in the Dow just as they are worrying now.
No one knows the future, but the one bet few people are making is that 2008 will equal 1954.


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