I wasn't really arguing for the tactic as a suitable strategy. As I recall, Douhet was advocating dropping a combination of high explosives and poison gas in city centers in order to get the people to give in. It was a direct attack on the will of the population -- don't attack the armies on the ground, go straight at the population; that is the true source of power. From that perspective it was a different strategy. One that recognized a the shift in the political systems of the Western nations since the Glorious Revolution in England and the American and French Revolutions. COIN is based on a similar premise; that the people are the government's (or the insurgency's) base of power and therefore the true prize to be won. But neither, I believe, are based on the idea that you attack the will of the population first, and then bring in the Army.
I would agree that bombing's success is dubious and probably will remain so. My reasons have to do with a misinterpretation of psychology; that people will simply give up under such conditions. My belief is that it will have the opposite affect. It will harden their resolve. I also believe that it will have more subtle changes in attitude causing the population to band together against a common enemy -- essentially shifting their belief system away from a liberal system to something more like a traditional (nationalist) one. But it is just a guess.
I believe COIN suffers from a similar problem of misinterpreting psychology, but I am not as clear exactly where the mistake lies.
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