Imperial Russia has called the West’s bluff. There is an awful lot of land in Europe that a Russian imperialist might define as being “historically Russia”. telegraph.co.uk/news/2022/02/2…
Putin made plain how he sees the world. Ukraine — he declared — is made up of “what was historically Russia”, its claim to statehood has never been legitimate. The nationhood of a country that voted by >90% to become independent after the USSR fall, is airbrushed out of history.
The old USSR, he argued, wasn’t ambitious enough. All the territories it controlled as Soviet Republics should always have just been Russian provinces — he declared. Putin isn’t nostalgic for the heyday of the USSR. He’s reaching for the tsars.
Taken seriously, it implies a breath-taking shopping list. 3 Baltic states, Finland, much of Poland, Moldova and Georgia. Some parts of Hungary, Romania, Bulgaria and Slovakia. Kazakhstan, Uzbekistan, Turkmenistan and Kyrgyzstan might all need to change maps. Why not even Alaska?
Where does it end? There is an awful lot of land in Europe that a Russian imperialist might define as being “historically Russia”. How much of it will Putin generously decide to reunite with the motherland?
The answer surely depends on Nato: Putin’s territorial demands ultimately only end at the point where Nato countries are willing to make them end. That is the logic of his angry address to Russia and the world on Monday.
The pathetic reality is the West is turning up to a gunfight with a spreadsheet. But Russia has spent the years since the 2014 Crimea sanctions making itself almost financially impregnable: with a supply of $ from its oil and gas sales, it hardly needs to borrow externally.
Berlin has surpassed its aid package of 5,000 helmets by declaring that Nord Stream 2 the certification process has been suspended, but Berlin has not said it will be legally unwinding the pipeline (the construction is already complete). Will Germany dismantle the thing?
We have spent years saying things we don’t mean, and Moscow is calling our bluff. Ukraine was never a Nato member, but it supposedly enjoyed a West guarantee of its territorial integrity.
Let’s deliver the “severe” sanctions our governments have talked so much about and then work out what Nato’s new red line really is and how the alliance will credibly defend it. Putin has staked a claim to imperial domination. Nato must answer him with more than empty words.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
Greater Russia is now a full-spectrum commodity superpower, less vulnerable to sanctions than Europe itself. The West’s pain threshold is about to be tested. Fortress Russia will endure this contest of self-reliance more stoically than Europe.
In a matter of hours, the world order has turned drastically less favourable for western democracies.
Putin’s seizure of Ukraine elevates Russia into a full-spectrum commodity superpower, adding leverage over global grain supply to existing strategic depth in energy and metals.
We wake up to the sobering reality that Russia is too pivotal for the global trading system to punish in any meaningful way. It influences or determines everything from bread in the shops, to gas for Europe, to supply chains for aerospace and car plants.
Putin wouldn't be invading if Trump were still in the White House. The enemies of the west see this period as a window of opportunity within which to undermine and erode the US leadership.
— Nile Gardiner telegraph.co.uk/news/2022/02/2…
President Trump was derided by his political opponents as an isolationist, soft on strongmen autocrats like Putin. The Left painted him as a populist who undermined US alliances while turning a blind eye to human rights abuses by dictator regimes.
Having met him several times and closely observed the foreign policy of his administration, I saw a very different picture. I witnessed first-hand a presidency deeply committed to strengthening the US leadership in the world and actually putting fear into US enemies.
Putin controls the supply chain of western technology, so who is bluffing? Russia has the power to hobble key industries in the US and Europe by restricting supplies of metals
The wishful thinking has begun. Core Europe is already persuading itself that Putin will be sated with Donetsk and Luhansk, allowing EU companies to keep selling Gucci bags and BMWs to Russia in exchange for commodities – after a stern lecture on international law, of course.
The US, UK, and Poland have reached the opposite conclusion, strongly suspecting that the military occupation of the Donbas is the springboard for a full invasion of Ukraine.
The impending war in Ukraine has exposed not just the impotence and shameful appeasement mindset of EU’s ruling elites in Brussels, Berlin and Paris. It has also sharply illustrated the tragic decline of American leadership on the world stage. telegraph.co.uk/news/2022/02/2…
It is no coincidence that Putin has mobilised more than 150,000 Russian troops on Ukraine’s borders while Biden is in the White House. Clearly Putin views Biden as a pushover, a weak-kneed president that has no clear strategic vision for the US in the global arena
Much like Obama, Biden’s foreign policy has been reactive, based upon the naive ideal of multilateral diplomacy, rather than the projection of US might. Obama’s advisers spoke of “leading from behind”. Biden’s team (many served in the Obama administration) can barely lead at all.
Central bankers were too late in 2021 but the worst they could make in 2022 is to swing suddenly from loose money to tight money, sending Western economies clattering into recession. You do not correct one policy error by committing the opposite policy error.
Many voices call for drastic rises in interest rates. Be careful: the monetarists themselves are not making such an argument. They are the new doves. Monetary policy effects require 12-18 months. It is too late to do anything useful about the inflation shock of recent months.
The UK economy is doing a lot better than its implacable critics will admit. With the right policy mix, the UK may even be the G7’s fastest-growing economy again in 2022
✍️🏼 AEP telegraph.co.uk/business/2022/…
The purist methodology of the ONS overstated the 2020 collapse in GDP and it has overstated the mechanical rebound in 2021 (an explosive growth of 7.5%). France has seen the same distortion. UK is in the middle of the G7 and OECD pack, just shy of its pre-pandemic level of GDP.
Even so, the UK has recovered well ahead of Japan, Germany and Spain, and slightly ahead of Italy. France has done better but discretionary fiscal stimulus is enormous — Macron’s critics allege pre-electoral pump-priming (il crame la caisse) — so the comparison lacks relevance.