We have the wolf by the ears, and we can neither hold him, nor safely let him go.
What did Jefferson mean by this statement?

To be in a dangerous situation from which one cannot disengage, but in which one cannot safely remain.

Explanation:

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roosevelt believed that in light of the country's recent military successes, it was unnecessary to use force to achieve foreign policy goals, so long as the military could threaten force. this belief, and his strategy of “speaking softly and carrying a big stick,” shaped much of roosevelt's foreign policy.