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.

Despite all the dire predictions made in 2001, the Afghans have given the international community, its aid workers and soldiers a large window of opportunity to repair the damage done by 25 years of war. That window, which has stayed open for nearly five years, with amazing good will from the Afghans, is threatening to close unless the world wakes up and deals with the crisis.

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.

We should remember that the Pashtuns are the largest ethnic group in Afghanistan. Of course, many of them did support the Taliban. But you cannot equate all Pashtuns with the Taliban.

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.

The fact that there are no longer large units of Al Qaeda running around means you don't need B-52s. You need intelligence and special forces. And, most importantly, you need to resurrect Afghanistan from what is literally the graveyard of countries and transform it into a normal country, which the Afghans want.

You have a lot of suspicion from the neighbors of Afghanistan about U.S. intentions. Iran is already, to some extent, trying to undermine the U.S. in Afghanistan. Russia is now becoming increasingly nervous about a more permanent U.S. presence in Central Asia. And China is not keen that the U.S. should be so close to its borders over a long period of time. Certainly, if the U.S. is going to be there for a long time, it's going to exacerbate regional tensions.