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Nixon would have carried out his assurances to Thieu and Ky to use American air power to prevent the Anschluss that occurred in May 1975. Would it have been enough to prevent the slow conquer of South Vietnam? Probably. The 1972 Easter Offensive was repulsed by a combination of South Vietnamese ground power and American air power. If he could have managed to continue material support of South Vietnam, which is likely when the mandate of 1972 is considered, the answer changes to almost certainly. If that were the case, it's quite possible that, over a period of several years, the North Vietnamese could have been forced into stalemate.
Would this have changed the geopolitical situation? That's a harder question. I have my doubts that air power alone would have forced the USSR and China to cut off their client. He would have been more likely to break China off because, at this point, it was becoming readily apparent that North Vietnam's future was as a Soviet satellite.
If an indefinite stalemate could have been achieved, which is asking for a whole lot, then I can say, with much more assurance, that certain events would not have happened. The 1975 airlift of Cuban mercenaries to Angola would have been unthinkable. The primary reason for the Soviet boldness was America reeling in defeat. Without the reeling, the Soviets would have been much less willing to overtly sponsor revolution. It's also unlikely that the wave of Marxist-Leninist revolutions in the Third World would have occurred. Soviet support would have been less simply because the Vietnam issue would not have been settled definitively in their favor.
What of American politics? This is a hard question. My feeling is that the Reagan Democrats, primarily interested in his anti-communism, would have swallowed a generation of bitter hate and supported Nixon. Would this have split the party? I just don't know. I'm inclined to think it would have split the New Left out of the party, which was where they began. An ascendant New Left is just unthinkable in a world where America is not acquiescent in Soviet imperialism. American politics would have become might interesting, for sure.
Here's the most unlikely scenario, given the above, though still possible (in the sense that anything in possible). One of Nixon's stated goals was to prevent the Reaganite takeover of the party. He wrote this in volume one of his memoirs, which were published in 1978, a time when Reagan was becoming more apparent as the GOP heir presumptive. Without Watergate, Nixon would have held the high ground in the GOP. He would have contested the slow conquest of the Reaganites, without a doubt. The question is whether he would have succeeded. I'm inclined to think that he couldn't have pulled it off. Why? The Reaganites wanted a firebrand. They wanted a challenger to the New Deal, not a man who'd mostly made his peace with it (Nixon's initial campaigns were as a 'practical liberal'). What would have this meant?
Here's the really crazy idea, not likely at all, but still fun to picture (like all alternative histories). There were hints sprinkled through the first volume of the memoirs that Nixon was willing to take the chance, if he was forced, to form a new party. This party would have been Gaullist in nature and maybe in execution as well. A Nixon without the baggage of Watergate would presumably have had the political capital to break off enough of both the traditional GOP and the FDR coalition to create a majority, or near majority, party.
Anyway, the above scenarios are really nothing more than an exercise in speculation. I left out a ton of events, people, and places simply because I'm posting on a message board, not writing a book. I tried to stick to the major issues of the day and tried to not wander too far out of the realm of possibility. The only exception I made, as far as the realm of possibility, was the scenario of the new party.
By the way, if you guys want a really fun exercise in alternative history, pick up The Great Republic by Winston Churchill. It's a grab bag of writings and speeches he made that contains a section that looks back at Gettysburg from the standpoint of Lee having won.
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