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When Nasser closed the Straits in 1967, President Johnson decided, in light of the heavy U.S. commitment in Vietnam, that the United States could not fulfill its 1957 assurances which had been made to induce Israel to withdraw from the Sinai after the Suez war.
CENTERFORSECURITYPOLICY: A US force for the Golan Heights? A roundtable discussion
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If you add the Palestinian revolt of 1936-39 and the war between Palestinian villagers and Jewish settlers (1947-48) to Israel's War of Independence (1948-49), the Suez War (1956), the Six Day War (1967), the Yom Kippur-Ramadan War (1973), the Lebanon War (1982) and the Palestinian intifadah (1987-93, approximately), the world has seen one major Arab-Israeli war roughly every eight years.
CENTERFORSECURITYPOLICY: It's War -- and the U.S. Better Ensure Israel Wins It
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During the Suez Canal crisis, the Vietnam War and again during the 1970s oil embargo, courts held that commodities brokers could not bail out of futures contracts.
FORBES: Collateral Damage