Fascinating.
I hope that doesn't mean what I think it means. Usually when someone talks about keeping the peace at any price, they are referring to some method of warfare.
Thing is, we're kinda ripe for a military strike if someone with a decent enough army--like, say, Russia, China, Iran, North Korea, and so on--decided to try taking us on. Even though we spend more than twenty times the money on our military as the next leading spender, we're strained dangerously close to the breaking point. Even if we brought all troops home right now, they'd all need at least nine months of leave before even thinking about being capable of going out on duty again, especially with serious major combat.
Of course, no war is likely due to the extreme interconnectivity of economies and trade and so on. We're so dependent upon each other that to cause a war for one would devestate all far, far worse than the Great Depression ever did. It'd make the Great Depression look like the recession of 2001.
One other thing though: the fact that Bush came out with this rather than keeping secret as his predecessor kept his secret suggests he's not going to try to pull a fast one and actually exercise it without truly just cause.
Unfortunately, due to the wording of "catastrophic emergency" something like another Hurricane Katrina could give him the opportunity to exercise this power, and given the seriously odd weather patterns all across the world this year--we've got about three inches of snow on the ground right now!--we may see another Katrina.