ARE NEW CLINTON THREATS POLICY OR POLITICS? The Clinton Administration has resumed its on-again, off-again threats aimed at the Bosnian Serbs, a move apparently designed to continue to position Clinton as a strong, foreign-policy activist. Just two weeks ago, Clinton said he would delay for at least six months efforts to encourage the U.N. to lift the arms embargo against the Bosnian Muslims. But, believe it or not, today the White House reversed itself. Says Time State Department correspondent J.F.O. McAllister: "Clinton isn't serious about arming the Muslims, he's just pacifying members of Congress eager to do something -- anything -- about Bosnia. Everyone knows that an effort to unilaterally arm the Muslims is likely to be shot down in the U.N..''