Unless something happens in the Middle East or the dollar has a significant move, then I suspect that the next few days we are just going to see the market drifting.

As we move toward a new Middle East, ... over the years and, I think, over the decades to come ... we will make a lot of people very nervous.

To an extent, no matter what happens with earnings reports over the next week, the Middle East is still going to hold us back.

It took from 1967 to 2003—over three decades—to build the big men. It took a decade—2003 to 2013—to destroy them. I suspect a new generation of big men will return. No people can tolerate chaos forever. Dictators will offer a way out and many of the exhausted and brutalized people of the Middle East will accept them, and I suspect Washington will as well.

This was the first time I had come face-to-face with the other side of fundamentalism. The fundamentalism that I saw in my neighborhood was sexist and misogynistic and small-minded, but it wasn’t violent. It was giving and loving and brotherly. It was about helping the poor, and since everybody was poor, that meant everybody helping everybody. There wasn’t the kind of urban meanness you find in many American cities. It was as if a farm community had been transplanted to the city.

Ironically enough, the United States had almost nothing to do with the age-old conflict between Islam and the West. The founding of Constantinople, the birth of Islam, and the Crusades occurred centuries before North America was even colonized. The United States was only peripherally involved in creating the borders of the Middle East after World War I. This centuries-old conflict was not America’s fight, but Washington blundered into it and chose to make stabilizing the Middle East its main foreign policy objective.

After World War II, and especially during the Cold War, the United States became the guardian of Middle East stability. Islamic fundamentalists believe the United States has been policing a Middle East full of divisions that were deliberately put there to keep the region weak, keep Israel secure, and keep pro-American autocracies in place in Egypt, Saudi Arabia, and, until 1979, Iran—in short, to keep Muslims locked in a nation-state system that thwarted the rightful destiny of Islam.