By Niall Ferguson
For it is not only U.S. monetary policy that is being tapered. Even more significant is the “geopolitical taper.” By this I mean the fundamental shift we are witnessing in the national-security strategy of the U.S.—and like the Fed’s tapering, this one also means big repercussions for the world. To see the geopolitical taper at work, consider President Obama’s comment Wednesday on the horrific killings of protesters in the Ukrainian capital, Kiev. The president said: “There will be consequences if people step over the line.”