Some foreign policy thoughts from key sections of Mr Obama's inaugural speech:

""Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy ALLIANCES and ENDURING CONVICTIONS. They understood that our POWER ALONE CANNOT protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its PRUDENT USE; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and RESTRAINT."

I have highlighted the key words in caps. Mr Obama presents two ideas within this paragraph. The first regards his approach to cooperation and alliances; the second hints to the frequency of American intervention.

Mr Obama emphasized that "power alone cannot" protect the US, and pairs "alliances" with "enduring convictions." Mr Kissinger and Dr Morgenthau emphatically taught that long term balance-of-power cooperation (or any cooperation at all) cannot be based solely on having a mutual enemy. Enemies come and go; an alliance or international system must be bound by a set of principles. In the nineteenth century, the principles were those of preserving royal and aristocratic legitimacy. Mr Obama has thus hinted that NATO, an alliance based on power alone designed to counter Russia, must evolve from a purely military organization into a coherent system bound by more than just military interests. NATO was set up as a military organization, so Mr Obama perhaps intends to simply work with NATO nations through the proxy of the Treaty Organization. NATO binds, more or less, America to the EU (traditional US allies) and is America's most active multi-nation alliance. My guess is based on that fact.

Mr Obama's use of "prudent" and "restraint" suggest that America will not be looking to entangle itself in foreign wars. The suspicion is confirmed by later paragraphs:

"To the Muslim world, we seek a new way forward, based on mutual INTEREST and mutual respect."
"To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West - know that YOUR PEOPLE will JUDGE you on what you can BUILD, not what you destroy. To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand IF YOU are willing to unclench your fist."

The address to the Middle-East confirms what this blog proposed earlier: that American influence in the Muslim world disturbs the peace-of-mind of Arab and Persian statesman. Mr Obama's emphasis on restraint and assurance that the "new way forward" will be based on "mutual interest." suggests that the next four years will see a Middle-East policy dedicated less towards "protecting Israel" as it is towards "protecting Iran's enemies (shhh...Israel too, but let's leave that specific out)." A small shift, but one that may make concerting action against Iran easier. Notice that Mr Obama pointedly did not say that America would simply leave them alone; his message is that America will try to accommodate when she acts, and act more subtly, but rest assured she will act.

Mr Obama's rhetoric about leading by example suggests a policy towards hostile despots (not all despots, just the ones unfriendly to American interests) founded on the observation that a country's people may love America though the leadership does not. That sounds like Iran; indeed "blame their society's ills on the West" sounds remarkably like Iranian internal policy for directing discontentment away from the government and towards America. American policy there may escalate, but Mr Obama will likely favor a policy of supporting internal dissent and place large resources behind that. Could that policy escalate into military intervention? In Iran, maybe. Elsewhere, absolutely not. America will only intervene -- "extend a hand" -- if violent despots who are not immediate threats ask for help -- "are willing to unclench your fist."

A fascinating first investigation at what Mr Obama's foreign policy might be.