American power is wrung out

Foreign Policy is a global affairs magazine offering diverse perspectives on issues shaping nations and the world. The war in the Persian Gulf has created global shock waves—by roiling the world economy, unsettling U.S. alliances, creating epic disruptions to freedom of navigation, and bringing the nuclear nonproliferation order to a tipping point. But one of the most important and potentially destabilizing implications of this conflict has been to throw U.S. strategic insolvency into harsh relief.