War is the continuation of Politik by other means.
– Carl von Clausewitz (1780-1831)
Regrettable though it maybe, but politics hasn’t died. Which means war hasn’t died either; though the tools of warfare are constantly evolving.
Clausewitz’s quote came to mind recently, when I read snippets from a recent interview the BBC’s Robert Peston did with Hank Paulson, US Treasury Secretary during the 2008 financial crisis. Paulson recalls how desperate he was that the Chinese – owners of some $1.7 trillion of mortgage-backed bonds issued by Fannie Mae and Freddie Mac – not start dumping these securities, so potentially leading to an even bigger crisis.