Word: persian
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Dates: during 1990-1999
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American warplanes were practicing bombing runs from their carriers in the Persian Gulf. In Baghdad the long-suffering citizens of Iraq were resigning themselves to yet another aerial whacking. In Washington, Bill Clinton was staring at a pair of unpleasant options: bomb and be damned, or back down and be ridiculed. If ever there was a call for high diplomacy, this...
Then what? The U.S. has 28 warships, 356 planes and 33,000 troops on alert in the Persian Gulf area, costing about $100 million a month more than the U.S. was already spending on forces in the region. Clinton and Albright argue that by going this extra mile with Saddam, the U.S. will have more support the next time it calls for using force. Maybe so, now that Annan has added his prestige to a deal, but only if the world feels deeply cheated and is ready to punish Saddam...
...Americans are always reluctant to get into foreign wars, preferring neutrality and shrinking from the shedding of blood, even the enemy's. They wanted to stay out of World War II until Pearl Harbor made the choices crystal clear. Even in 1991, with 500,000 troops poised in the Persian Gulf, the U.S. Senate voted only 52 to 47 in favor of attacking Saddam to drive him out of Kuwait. Americans don't like the mission to Bosnia, and they hated the intervention in Haiti...
...connection between the attack and goings-on in the Persian Gulf was also discounted...
...success in the Persian Gulf would vindicate all those market patriots bidding up share prices. But because it is so widely expected, success would merely maintain the status quo--not inspire a whole new bull market. And for those who worry about a bungle, stocks of defense contractors, oil producers and oil services companies would be good hedges. Remember, those generals on Wall Street wear suits, not battle fatigues. They don't really know a thing about...