Authored by Niall Ferguson, op-ed via Bloomberg.com,
Biden is making a colossal mistake in thinking he can bleed Russia dry, topple Putin and signal to China to keep its hands off Taiwan…
“The language people speak in the corridors of power,” former Secretary of Defense Ashton Carter once observed, “is not economics or politics. It is history.”
In a recent academic article, I showed how true this was after both the 9/11 terrorist attacks of 2001 and the “9/15” bankruptcy of Lehman Brothers in 2008. Policy makers used all kinds of historical analogies as they reacted. “The Pearl Harbor of the 21st century took place today,” President George W. Bush noted in his diary, late on the night of the attacks, to give just one example, though many other parallels were drawn in the succeeding days, from the Civil War to the Cold War.
Seven years later, Federal Reserve Chair Ben Bernanke and New York Fed President Tim Geithner were the first members of the Federal Open Market Committee to appreciate that, without drastic measures, they risked re-running the Great Depression.
What kind of history is informing today’s decisions in Washington as the war in Ukraine nears the conclusion of its first month? A few clues have emerged.
“American officials are divided on how much the lessons from Cold War proxy wars, like the Soviet Union’s war in Afghanistan, can be applied to the ongoing war in Ukraine,” David Sanger reported for the New York Times on Saturday.
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