Mark Steyn describes it to a tee.

Hitler's problem was that he was over-invested in ideology. He'd invented a universal theory -- the wickedness of the international Jewish conspiracy -- and he persisted in fitting every square peg of cold hard reality into that theory's round hole. Thus, Churchill must be a "puppet of Jewry." As a general rule, when it's reality versus delusion, bet on reality. That held true in the Cold War. Moral equivalists like Harold Pinter insisted that America and the Soviet Union were both equally bad. But the traffic across the Berlin Wall was all one way. East German guards were not unduly overworked trying to keep people from getting in. The Eastern bloc collapsed because it was a lie, and the alternative wasn't...

...The new Universal Theory, to which 99% of Saturday's speakers and placards enthusiastically subscribed, is that, whatever the problem, American imperialist cowboy aggression is to blame. In fact, it's not so different from the old Universal Theory, in that the international Zionist conspiracy is assumed to be behind the scenes controlling the cowboys: Bush is a "puppet of Jewry," just like Churchill was -- notwithstanding the fact that America's Jews voted overwhelmingly for Gore. But, if you believe that the first non-imperialist great power in modern history is the source of all the world's woes, then logic is irrelevant. "It's all about oil"? Yes, for the French, whose stake in Iraqi oil is far more of a determining factor than America's ever has been or will be. "America created Saddam"? No, not really, the French and Germans and Russians have sold him far more stuff, and Paris built him that reactor which would have made him a nuclear power by now, if the Israelis hadn't destroyed it in the Eighties.