“The
west had its peace dividend after 1991. We blew it in a two-decade party of
consumption, leverage and speculation. First came the financial hangover; now
comes the geopolitical reckoning. Dealing with it will mean relearning the arts
of grand strategy and war.” —Historian Niall Ferguson, “The West Has
Blown Its Peace Dividend,” The Financial
Times, Sept. 26-27, 2015
Ferguson
wrote this article before the cascade of bad news—terrorist attacks, right-wing
reaction—that has afflicted the West since. Even so, his last sentence is so
ominous in its way that I hope and pray it won’t come true.
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