There is crisis in Europe, where Russia is the principle intriguer and player, which affects a major source of international business and flow of capital.

Never before has a populist democracy attained international supremacy. But the pursuit of power is not a goal that commands popular passion, except in conditions of a sudden threat or challenge to the public's sense of domestic well-being. The economic self-denial (that is, defense spending) and the human sacrifice (casualties, even among professional soldiers) required in the effort are uncongenial to democratic instincts. Democracy is inimical to imperial mobilization.

More directly linked to the impact of technology, it involves the gradual appearance of a more controlled and directed society. Such a society would be dominated by an elite whose claim to political power would rest on allegedly superior scientific know-how. Unhindered by the restraints of traditional liberal values, this elite would not hesitate to achieve its political ends by using the latest modern techniques for influencing public behavior and keeping society under close surveillance and control.

The American people have to think hard about their definition of the meaning of the good life, that hedonistic, materialistic society of high levels of consumption, increasing social inequality is not a society that can be part of the solution of the world's problems.

Global stability - economic as well as political - is at risk.

We shouldn't overdramatize the current disagreements with the Russians. They are real, but they're not really all that threatening. And the notion that we're moving back to some Cold War I think is really an exaggerated judgment.

It certainly would be possible for America to redefine its role in the world, especially if, in the short run, America is able to cope effectively with the ongoing dilemma in the Middle East.