By Patrick Doherty and Ben Katcher

While the media are drawn to the story of the day, which today means the killing of Baitullah Mehsud in Pakistan and the longevity of the "cash for clunkers" program here at home, it is essential for the Obama administration to keep its eye on the strategic ball. In short, while the administration was absolutely right to triage the domestic economy and global crises like Iraq and Afghanistan during its first six months, the President and his most senior advisors must now turn to the great questions of statecraft: great power relations and America's role in the world.

Investors are fleeing Russian and Georgian assets due to the recent crisis. Russian foreign exchange reserves fell $16.4 billion in the past week, the largest decrease since the 1998 ruble crisis. Yields on ruble bonds rose 75 to 150 basis points and the business community complained about lack of access to credit. One Russian columnist wrote, "The million-headed hydra of the bourgeoisie has sent a signal: ‘change your course comrades!"

Snapshot asks, did the Russian business community yank the reins of the Russian military?

Newsweek - The Bulls Have Left Moscow
Financial Times - Investors quit Russia after Georgia war
Moscow Times - Reserves Plummet $16.4Bln in a Week
Reuters India - Emerging Markets-Russia, Georgia assets extends losses

Chicago Tribune (08/13) quotes Steve Clemons on liberal opposition to a Bayh VP slot.
Pravda (08/13) quotes Flynt Leverett on Georgia's strategic mistake in provoking Russian aggression.
Israel E News (08/13) quotes Daniel Levy on Israel's shaky ceasefire with Hamas.
Washington Independent (08/13) quotes Peter Bergen on safe havens for Al Qaeda.
Financial Times (08/12) cites Steve Clemons on conservatives who support Obama.
Guardian (08/12) mentions Peter Bergen on American elites' evolving attitudes towards fighting terror.

The Hotline (08/12) cites Flynt Leverett on Obama's call for Georgia to disavow force.
US News (08/10) cites Steve Clemons' analysis of the United States' tacit support for Russia's invasion.
Guardian (08/10) quotes Steve Clemons on John Edwards' recent confession.
Houston Chronicle (08/09) quotes Steve Clemons on speculation over Senator Lieberman's VP chances.
Jewish Daily (08/07) features Daniel Levy analyzing a possible civil war in Gaza.
US News (08/01) cites Sherle Schwenninger on the United States' coming $2 trillion deficit.

Tehran Times (05/03) quotes Flynt Leverett on UN sanctions and Iran's energy contracts.
Foreign Policy (05/02) features Steve Coll and Peter Bergen discussing Bin Laden.
Russia Profile (04/30) cites Anatol Lieven on the future of US-Russia relations.

Today, the American Strategy Program is proud to host Senior Research Fellow Parag Khanna's latest book, The Second World: Empires and Influence in the New Global Order. His talk is entitled, "The Global Great Game" and runs from 12:15 to 1:45. For more information about the event, click here.

In the meantime, Salon.com featured Parag in their Big Think section. Check it out:

Later today, the U.S. Navy is going to shoot down an old U.S. spy satellite. But why? Three rationales are floating out there and New America's Jeffrey Lewis tells the Today Show's Jim Miklaszewski that while safety and secrets may be the domestic rationale, China and Russia see this as a pure test of our anti-satellite capability.

On Sunday, the parliament of Kosovo declared the two-million-person republic independent from Serbia. As the repercussions begin to emerge, the various minority regions of the former Soviet Union are being watched closely. New America Senior Research Fellow Anatol Lieven comments in this piece from Azeri news service, Trend.

THOUGH the international community does not accept Kosovo’s independence to be a precedent for other conflicts in the region based on ethnic separatism, Anatol Lieven, a prominent British analyst, disagrees with such statements.

"Kosovo and Nagorno-Karabakh are different conflicts, but at the same time they are both separatist conflicts in autonomous areas in other states, inevitably, what happens in one will have a certain effect on what happens in the other", Anatol Lieven, British policy analyst and chairman of International Relations and Terrorism Studies at King's College London, told Trend's correspondent in London.

Lieven believes that the Kosovo example can be applied to the Nagorno-Karabakh conflict. "Why not? It is easy to say that things are specific, but it depends who is doing the talking. Everybody tries to make up different rules, different cases. But in fact, of course, it does set a precedent", said the British analyst.

Kosovo's independence will have repercussions for the Nagorno-Karabakh conflict, he says.