Let's see:
(1) The US recognized Red China (in, I believe, 1978).
(2) They favor the "one China" policy.
(3) They shown themselves impotent to post-Mao Chinese repression (as much as during Mao's rule, & before).
(4) By a (relavtively at least) speedy recognit'n of Croatia and Slovenia, they aren't too terribly bothered by divided federat'ns.
(5) By recognizing Kosovo, they aren't too terribly bothered by divided nations.
(6) After 5 years of failure to resolve the situation of Iraq (a country the size of California, the population of Texas, & the GDP of Kentucky), with Iran and North Korea defying them;
Taiwan might very well be on her own should China make moves.
(7) Papa Bush might have exorcized the "Ghost of Vietnam" with his technical and overwhelming victory; but it's come back to haunt an America presided by his son.
That and world antipathy, only increases the perception of American impotence.
(8) and, lastly what if Taiwan had nukes?
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