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OP-ED: The Great Illusion, By PAUL KRUGMAN, New York Times, August 14, 2008
We modeled the behavior, and now it's being imitated. We'll over-react and then it's off to the races. I used to believe the damage of the first Bush administration could be "reset" by the better behavior of the second Bush administration, meaning we'd reset the clock back to roughly 9/11 geopolitically. But the damage now seems worse than that. We're reverting all the way back to the late 1980s.
And if you want to scenario-ize globalization's destruction, this is a realistic pathway.
The only way it really goes downhill is if America is suckered by circumstances into believing it must basically take on the entire world. This is Bin Laden's supreme dream, affording him more strategic wiggle room than he ever dared to hope would be his.
(Thanks: motoole)
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