The 21st century is on the verge of losing its virginity. In a world already dominated militarily and financially by the US, the administration of President George W Bush seems intent on tearing apart the relative peace and stability of the Cold War and post-Cold War period by imposing its will against considerable opposition and taking a unilateral decision to go to war on Iraq. Like the fall of the Berlin Wall in 1989, the war on Iraq is another pivotal global political event. But, unlike the Wall, the war represents a radical shift in US foreign policy and potentially massive dangers.
As The Banker goes to press and the military campaign moves into action, the real reasons behind this avoidable adventure are still hazy and their intended consequences even more obscure. Nevertheless, some aspects are clear: the vociferous opposition, the lack of support in the United Nations and the obvious concerns about what happens after the initial fighting subsides.
