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Israel is in the process of watching a peace treaty unravel. I don't mean the one with Egypt, but the one with Syria. No, I'm not crazy. Since Henry Kissinger's shuttle diplomacy in 1974, the Israelis have had a de facto peace agreement of sorts with the al Assad family. After all, there were clear red lines that both sides knew they shouldn't cross, as well as reasonable predictability on both sides. Forget about the uplifting rhetoric, the requirement to exchange ambassadors and the other public policy frills that normally define peace treaties. What counts in this case is that both sides observed limits and constraints, so that the contested border between them was secure. Even better, because there was no formal peace agreement in writing, neither side had to make inconvenient public and strategic concessions. Israel did not have to give up the Golan Heights, for example. And if Syria stepped over a red line in Lebanon, or say, sought a nuclear capacity as it did, Israel was free to punish it through targeted military strikes. There was usefully no peace treaty that Israel would have had to violate.

Of course, the Syrians built up a chemical arsenal and invited the Iranians all over their country and Lebanon. But no formal treaty in the real world -- given the nature of the Syrian regime -- would likely have prevented those things. In an imperfect world of naked power, the al Assads were at least tolerable. Moreover, they represented a minority sect, which prevented Syria from becoming a larger and much more powerful version of radical, Sunni Arab Gaza. In February 1993 in The Atlantic Monthly, I told readers that Syria was not a state but a writhing underworld of sectarian and ethnic divides and that the al Assads might exit the stage through an Alawite mini-state in the northwest of their country that could be quietly supported by the Israeli security services. That may yet come to pass.

Israeli political leaders may periodically tell the media that Bashar al Assad's days are numbered, but that does not necessarily mean Israelis themselves believe that is an altogether good scenario. Indeed, I strongly suspect that, for example, when the Israelis and the Russians meet, they have much in common regarding Syria. Russia is supporting the al Assad regime through arms transfers by sea and through Iraq and Iran. Israelis may see some benefits in this. Russian President Vladimir Putin may actually enjoy his meetings with Israelis -- who likely don't lecture him about human rights and the evils of the al Assad regime the way the Americans do.

True, a post-al Assad Syria may undermine Iranian influence in the Levant, which would be a great benefit to Israel, as well as to the United States. On the other hand, a post-al Assad Syria will probably be an anarchic mess in which the Iranians will skillfully back proxy guerrilla groups and still be able to move weapons around. Again, al Assad is the devil you know. And the fact that he is no longer, functionally speaking, the president of Syria but, rather, the country's leading warlord, presents challenges that Israelis would prefer not to face.

What about Hezbollah, in this admittedly cynical Israeli view? Hezbollah is not a strategic threat to Israel. Hezbollah fighters are not about to march en masse over the border into Haifa and Tiberias. Anti-missile systems like Iron Dome and David's Sling could reasonably contain the military threat from the north. Then there are Israel's bomb shelters -- a one-time only expense. Hezbollah, moreover, needs Israel. For without a powerful Israel, Hezbollah would be robbed of the existential adversary that provides Hezbollah with its immense prestige in the Lebanese political universe, making Hezbollah so much more than just another Shiite group battling Sunnis.

Israel's war against Hezbollah in 2006 is known as a disaster. But it did have its positive side effects: Israel has had seven years of relative peace on its northern border, even as the war usefully exposed many inadequacies in the Israeli military and reserve system that had been building for years and were henceforth decisively repaired, making Israel stronger as a consequence.

Threats abound, truly. The collapse of the al Assad regime may lead to a weapons free-for-all -- just like in post-Gadhafi Libya -- that might force Israel to "mow the lawn" again in southern Lebanon. As for Hassan Nasrallah, the charismatic and capable Hezbollah leader, maybe he, too, is the devil you know, informally obeying red lines with Israel since 2006. Nasrallah appears to be less extreme than his deputy, Naim Qassim, who would take over if Nasrallah were ever assassinated by the Israelis, unless the Sunnis in a Lebanon and Syria thrown into utter, post-al Assad chaos assassinate him sooner.

Then there is Gaza: once again, like southern Lebanon, "mow the lawn" once or twice a decade, though this might be harder in a post-Arab Spring geopolitical environment because of the greater danger of unhinging Israeli-Egyptian relations. Still, in Gaza there is no existential threat, nor a real solution, regardless of what the diplomats say. Idealists in the West talk about peace; realists inside Israel talk about spacing out limited wars by enough years so that Israeli society can continue to thrive in the meantime. As one highly placed Israeli security analyst explained to me, the East Coast of the United States and the Caribbean have periodic hurricanes. After each one, people rebuild, even as they are aware that a decade or so down the road there will be another hurricane. Israel's wars are like that, he said.