Fifteen years after the collapse of the US investment bank Lehman Brothers triggered a devastating global financial crisis, the banking system is in trouble again. Central bankers and financial regulators each seem to bear some of the blame for the recent tumult, but there is significant disagreement over how much – and what, if anything, can be done to avoid a deeper crisis.
Israel’s failure to subdue Hezbollah demonstrates the many weaknesses of the war-on-terror concept. One weakness is that even if the targets are terrorists, the victims are often innocent civilians, and their suffering reinforces the terrorist cause.
In response to Hezbollah’s attacks, Israel was justified in attacking Hezbollah to protect itself against the threat of missiles on its border. However, Israel should have taken greater care to minimize collateral damage. The civilian casualties and material damage inflicted on Lebanon inflamed Muslims and world opinion against Israel and converted Hezbollah from aggressors to heroes of resistance. Weakening Lebanon has also made it more difficult to rein in Hezbollah.
Another weakness of the war-on-terror concept is that it relies on military action and rules out political approaches. Israel withdrew from Lebanon and then from Gaza unilaterally, rather than negotiating political settlements with the Lebanese government and the Palestinian authority. The strengthening of Hezbollah and Hamas was a direct consequence of that approach. The war-on-terror concept stands in the way of recognizing this fact because it separates “us” from “them” and denies that our actions may shape their behavior.
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