In a short book and in his contribution to this volume, Richard Posner articulates his vision concerning the most talked about subject in today's legal world: the legal treatment of terrorism. I deliberately say the most talked about subject in today's legal world, rather than the most urgent or important subject because I do not share the conviction that terrorism is a major threat to the U.S. or to the West. I believe that in fifty years historians will look at our era in a way similar to the way we look at the destructive global hysteria which led to the First World War. Of course I immediately concede that neither my view nor, if I may add, Posner's view on the matter, is particularly indicative of the future. People, including geniuses, seem to be notoriously bad at distinguishing between real and unreal risks, and the worst is that even time will never tell us whether the risks we face now are real or imaginary but only whether they materialized or not. So if we meet in fifty years to discuss the issue, we could continue the debate whether the risks posed by terrorism were indeed real, irrespective of what happened in the world.