Resolution 1701 shows that, for the time being at least, the balance has likewise shifted to the terrorists and their state sponsors. Like Munich, it marks the triumph of the principle of putting off until tomorrow what needs to be done today. Like Munich, it will mean not peace in our time, but a bigger war in our future.

In that sense, the cease-fire may be even more momentous than Munich, and a greater blunder. In 1938 Chamberlain and other appeasers had the excuse that they were trying to prevent an armed conflict no one wanted. Today, of course, that conflict is already here. Historians will conclude that by supporting U.N. Resolution 1701 and getting Israel to agree, the Bush administration has in effect declared that its global war on terror is over. We have reverted to the pre-9/11 box of tools, if not necessarily the pre-9/11 mindset. From now on, the worst Iran, Syria, and North Korea will have to worry about are serial resolutions in the United Nations. Terrorists will be busy dodging Justice Department subpoenas, not Tomahawk missiles.

Our enemies know better. They know the war is only entering a new stage, and they know who the winners and losers were last weekend.

The clear losers were the United States and Israel. Israel has sacrificed lives and treasure, and had its honor dragged through the mud of international opinion, for no purpose. America squandered its political capital at the start of the crisis by getting moderate Arab regimes to condemn Hezbollah instead of Israel. They did so because they thought Hezbollah was about to be annihilated. However, they soon realized their mistake. They now know Tehran and Damascus will set the agenda in the Middle East, not Washington. The Arab League's support for this U.N.-brokered deal is just one more measure of our strategic failure.