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It's easier to think about Iraq from supposing, in accord with the preponderance of the evidence, that it is a remarkably exact recapitulation of the Vietnam war. And the 'War on Terror' has significant parallels to the 'Cold War'- to the reactionaries (and there is some truth to this) these two 'Wars' are merely last fights in the old order of the world. The War on Terror reminds them of the Arab breakin into Europe, their taking of Spain and defeat at Tours and Poitiers and expulsion from Spain, and the Crusades. To these people the Cold War was Europe's last war with marauding Asian steppe peoples-preceded by the incursions of Huns, Avars, Mongols, Magyars, Turks.
The 'War on Terror' has two major sides. One is the reactionaries of the U.S. and Europe, the other the reactionaries of the Islamic world. In Iraq they've both found some arbitrary, lawless, battlefield on which to take out their frustrations with Modernity on others of their reactionary ilk and prove their worth to their society by defeating (pseudo)historical enemies. Both sets of people are feeling obsolete; they treat the world as a bustout opportunity and Death is the god they prefer to worship to. Of course, they talk about higher morality and Freedom to the cameras.
Having said that, Iraq has not done much for the fighting Islamic extremists (aka 'terrorists' in Bushese) and not much for the American Right in effect. Like Vietnam, there are simply too many of each side for there to be victory won on the battlefield. One side is going to decide it's not worth it, pack up, and leave- and it's not the natives. But, like Vietnam, the point of the fighting is ultimately as a frustration outlet for the Stupids on each side- and I'm talking about civilians and government officials, not the fatalistic military folk doing what they're trained at and tasked to.
If the U.S. had run its invasion as merely a political operation to remove Hussein, and done so astutely, chances are that the U.N. and elected governments proper would be running Iraq right now and much would be forgiven/forgotten. But no, the Bushies had to grab at the oil and military bases and lording it over the Ba'athists too, had to try to remake Iraq in their own image. That defines them as fools and idiots. Part of the idea was probably to lure in and destroy as much of Al Qaeda as possible by being offensive (not that they could avoid it, being Republicans), but the lure-in part has worked a good bit better than the destroy part of it.
The U.S. killed a couple of Al Qaeda people close to bin Laden in Afghanistan and captured a couple of others in Pakistan. OTOH, Saudi Arabia is almost given up as a place to base U.S. troops and the question in Iraq is only when the American military leaves, not if. I really have no idea why bin Laden hasn't attacked Washington or New York again, as if assassinating any American politician were really so difficult to pull off; I guess it would be because bin Laden is waiting for the American withdrawal.
So- invading Iraq did achieve 'something'...it has poisoned the American Right's appetite for warfare a good bit, at a hugh cost to Iraqi civilians. It has rallied Islamic reactionaries in the rest of the Islamic world to bin Laden's side. Why that set of 'achievements' is claimed to be worth spending $300-$400 billion on, I couldn't tell you. But then again, governments run by reactionaries have never had much to show for themselves other than corpses, destruction of materiele and wealth, and they do spend all their time living in the past.
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