Readers of The New York Times know David Sanger as one of the most trusted correspondents in Washington, one to whom presidents, secretaries of state, and foreign leaders talk with unusual candor. Now, with a historian's sweep and an insider's eye for telling detail, Sanger delivers an urgent intelligence briefing on the world America faces.

In a riveting narrative, The Inheritance describes the huge costs of distraction and lost opportunities at home and abroad as Iraq soaked up manpower, money, and intelligence capabilities. The 2008 market collapse further undermined...