“We should have seen it as the end of the colonial era in Southeast Asia, which it really was. But instead, we saw it in Cold War terms, and we saw it as a defeat for the free world that was related to the rise of China. And that was a total misreading of a pivotal event, which cost us very dearly.”
Unfortunately, he is mostly wrong in important ways about most everything, here, except his last clause.
Whatever it was that has gone on, and it is a much more awkward and tragic story than he tells, it has cost us very dearly.
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