War on the Rocks – The Chinese military exercises that began on Aug. 3, 2022, have initiated the Fourth Taiwan Strait Crisis. The most immediate reason for this was Speaker Nancy Pelosi’s visit to Taipei. But this is a bigger crisis, driven by bigger factors. There has been a steady erosion in Sino-American relations and — not unrelated — a shift in the nature of U.S.-Taiwan relations that Beijing finds deeply threatening. As a result, expectations of a rapid resolution to the crisis are chimeric, as too are blithe expectations of a quick return to the status quo ante.