We live in trying times fraught with dangers and we are acutely aware of the Risks of Wars, but forgetting about the Perils of Peace. Presently we live under a mushrooming cloud of international terror, facing the danger of weapons of mass destruction falling into the hands of fanatic terrorists. Sooner or later biological, chemical or atomic weapons will fall into the hands of terrorist causing destruction of apocalyptic proportions. Time is on the side of the terrorists. During the Cold War period there existed a balance of terror and this balance is gone now and there is no deterrent. The price of inaction could be great and it is imperative to remember to balance the risks of war with the perils of peace.