The Age of Magic Money
Can Endless Spending Prevent Economic Calamity?
We have a problem—not a problem from hell, but one that claims to come from heaven. That problem is sometimes called radical, or fundamentalist, Islam, and the self-styled Islamic State is just its latest iteration. But no one really understands it. In the summer of 2014, Major General Michael Nagata, the commander of U.S. special operations forces in the Middle East, admitted as much when talking about the Islamic State, or ISIS. “We do not understand the movement,” he said. “And until we do, we are not going to defeat it.” Although Nagata’s words are striking for their candor, there is nothing new about the state of affairs they describe. For years, U.S. policymakers have failed to grasp the nature of the threat posed by militant Islam and have almost entirely failed to mount an effective counteroffensive against it on the battlefield that matters most: the battlefield