The Russian regime’s invasion of Ukraine has shocked and horrified the world, in no small part because it is the first war of this scale in Europe since the end of the Second World War and also because it is the first large-scale war to be fought with contemporary and high-tech armaments. The situation is changing rapidly, but the amount of devastation, death, and suffering this war has inflicted is already immense and will only grow larger as the war continues.

The financial woes of the giant real estate developer Evergrande, which carries an estimated debt of $300 billion, have rekindled global fears that China’s property bubble is about to burst. Such predictions have occurred repeatedly in the past, in particular since 2010, and have been fueled by the rapid rise of property prices, construction volumes, and real estate debt.

“Critical race theory is the tip of a one hundred years long spear designed to gore the side of the Western civilisation,” said James Lindsay in a recent workshop on the topic of critical race theory (CRT).

Economic sanctions serve as a powerful foreign policy tool for the US government. But could this ultimately backfire on the US?

Over the last several years, many countries have made a concerted effort to limit dependence on the US dollar. The economic warfare waged against Russia reveals exactly why.

The US hit Russia with a round of economic sanctions after Russian President Vladimir Putin recognized two breakaway republics in Ukraine and announced he would send troops into those regions. President Biden announced additional sanctions after Russia invaded Ukraine.

In recent years, the financial sector has become a key target of progressive activists seeking to implement their agenda. Activists have used a variety of methods to persuade and pressure financial institutions to do their bidding.

Whenever the signs of an economic weakness emerge, most economic and political commentators declare that the government should increase spending in order to prevent the economy falling into a recession. Economic activity, in this view, consists of a circular flow of money, with one individual’s spending becoming part of the income of another individual. Spending equals income, hence more spending will mean higher incomes.

With the Russian invasion of Ukraine in full force, it seems that while the Ukranians are putting up a fight, longer-term resistance is futile. Russia has already recognized the independence of the embattled eastern states of Donetsk and Luhansk. Donetsk and Luhansk will become Russian puppet states or be absorbed into Russia itself. Ukraine will spend the money of its taxpayers and the blood of its young men fighting a useless war.

Events in Ukraine are happening very fast, and if I tried to predict what will happen there, my prediction would soon be overtaken by events. But one thing is certain. We need to understand the background of the crisis, and we also need to remember the basic principles that should guide American policy.

To understand the background, the best guide is Stephen Cohen, a world-renowned authority on both the Bolsheviks and contemporary Russia. He pointed out in November 2019:

Every self-respecting writer should have a mentor, a character to refer to, a beacon in the night to turn to in times of difficulty or uncertainty. That full stop represents a safe haven from the storm of commas and other uncertain interludes he must battle every day. The basis thanks to which that same writer is able to bear the weight of the situation that torments him/her. That figure, although in most cases is someone with whom you do not have many contacts, embodies a totem, a support structure on which you develop your skills and ameliorate yourself.