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To take it a bit further...
Al-Queida is a boogeyman to us, created by Bush's Reaganist belief that we will all unite together to fight a common enemy. This is what Reagan did for the Soviets, as you point out. In one of his more memorable half-speeches, he was claiming that if aliens invaded, the whole world would unite against them, and before Reagan was cut off because his debate time had run out, he seemed almost to be hoping aliens would invade to save us all.
That's what Bush believes-- that it takes an enemy to save us.
But to Islam, al-Queida is more complex. At first it was simply a well-funded renegade group of angry militants, mostly in Afganistan, Pakistan and Saudi Arabia. They were real, concrete, and mostly, small and disorganized. To most Muslims, they were thugs, though their complaints may have been legite.
9-11 took them pro, and stretched them beyond an actual group to an ideal, a movement. A ghost. They are now a complex phenomena, almost like America. In many ways, America as an ideal extends well beyond our borders, and survives as a positive image in spite of the occassional Reagans and Bushes who fight against the true ideals recognized as America. People need an America to give them hope against oppression, to prove that democracy can work and thrive.
In the same way, Al-Quieda extends beyond its membership. It is well on its way to becoming a genuine government-in-exile, with the prestige and funding it levies. But beyond that, it is an ideal of freedom to the victims of the physical America. The further away from the true American ideal our government gets, the more victims of America we have, and thus the stronger al-Quieda grows. People in Saudi Arabia who have been unable to rise out of a caste-style economy, blame America, with some justification. People in Iraq and Iran who have watched their nations sink from semi-prosperity to abject poverty blame America, with justification, for crushing their attempts at democracy, at self-governance, at the freedom to hold their own religion. Every time we create another widow, another orphan, another economic wasteland, al-Quieda gains new recreates.
Al-Quieda is our mirror. We can see how far we have wandered from the ideals of freedom and equality and justice by watching how strong al-Quieda grows. IF we were truly living up to our ideals in the Middle East, rather than just in our own country, then there would be no need for Al-Quieda, as you say.
In real terms, however, Al-Quieda will be our downfall if we keep up what we are doing. Bush believes he can conquer the Middle East, but that's only because right now the Middle East is a disjointed collection of bickering nations. Unite the Middle East, and they are a well-funded entity that controls our energy supply. They have the power to shut us down, and they know it. Now, with China gaining in wealth, and growing as an alternate market to us (which is part of why Bush wants to conquer the Middle East-- to control their oil so China doesn't drive prices higher), they no longer need us. We will find ourselves isolated against the world, struggling to maintain thrid-world status with the rest of our hemisphere, if we don't grow up soon.
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