What everyone underestimated was the acute unpopularity of the Taliban, even in the Pashtun areas. People like myself were saying the Taliban would be driven out very swiftly from the north of Afghanistan, but given that their main support base was in the Pashtun belt, there would be greater resistance there. That didn't happen. The Taliban had become deeply unpopular and were actually discarded by the Pashtun population almost as quickly as they were in the north. I don't see the Taliban coming back in any way.

Pashtun nationalism is reasserting itself. Its political history spans several hundred years. The Pashtuns are angry at the Americans because, one, they're still being bombed, and two, they perceive that the Americans are backing the Tajik faction, which controls the army and security forces in Kabul.

The idea of a permanent U.S. military presence in Afghanistan, as opposed to an economic presence, is going to create a new wave of hostility toward the United States.

I am confident that there are hedge funds, banks or investment companies that could allocate five percent of their portfolios for risky investments. In any event, for countries like Afghanistan the formation of an entrepreneurial class is of vital importance.

The Pashtuns feel discriminated against by the Americans because they supported the Taliban and the war is still going on in their region with continued U.S. bombing. They are also disgruntled at the overwhelming power of their ethnic rivals the Tajiks, who dominate the security forces in Kabul and control the key levers of political power. Although Karzai is a Pashtun also, many Pashtuns consider him a hostage to the Tajiks and Americans.

America does not hold to the colonial tradition. America came, liberated Afghanistan from the Taliban and al-Qaida, came to an arrangement with Hamid Karzai, wanted to organize elections as soon as possible and then withdraw. The Bush administration thought that once there is a democracy, everything else will fall into place. If today you speak to the architects of the 2001 Afghanistan Conference in Bonn, they will tell you that instead of being fixated on elections, we should have built a State in Afghanistan with an army and a police force first.

The West would be well advised to change its approach towards failing states. At present, no major power can find the correct ways and means - and the numbers of failing states are increasing. This year we watched the collapse of Mali, a consequence of the Libyan civil war. The south of Libya and Mali, and Niger too, are well on the way to becoming a no-man's land. After 9/11, George W. Bush and Tony Blair made the promise that they would not tolerate failed states because they could become a haven for terrorists. And today? The number increases.