Foreign Policy: The latest U.S. ally to openly sneer at us is a senior British defense adviser who says President Obama has "devalued the deterrent effect of American military capability" in the world. In his first campaign for president, in April 2007, Barack Obama complained George W. Bush's war in Iraq cost the U.S. "in influence and respect." Because of Iraq, he said, "many around the world are disappointed with our actions, and many in our own country have come to doubt either our wisdom or our capacity to shape events beyond our borders. Some have even suggested that America's...