Giuliani got the GOP audience riled up with his exploratory foreign policy speech out there at the podium tonight. But it had some holes. "We no longer should be just on defense," he said. "We must also be on offence." Big applause. (Or relatively big in a light room.) Except if that is going to be your strategy, it might be a good idea to have some killer offensive plays, right? Because — and this concept seems to elude Bush supporters — even if you believe that America ought to project its power around the world, the fact of the matter is that the War in Iraq did the opposite: it sharply delineated the limits of American power — for all the world to see. We blew our wad on just one country, and even that one's a mess. With no more political capital abroad, and an unsympathetic world -- it was Bush who said, as Giuliani reiterated tonight, "either you're with us or against us" — how are are we supposed to create that New American Century the administration is so keen on?