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“It’s a historic, big deal,” said Robert McNally, an energy adviser to President George W. Bush. “This will reshape not only commercial relationships but political and geopolitical ones as well.”E.U. officials have yet to release all the details of their effort to squelch Russian oil exports but have said those policies will go into effect over months. That is meant to give Europeans time to prepare, but it will also give Russia and its partners time to devise workarounds. Who will adapt

Russian natural gas for some time, possibly years. That could preserve some of Mr. Putin’s leverage, especially if gas demand spikes during a cold winter. European leaders have fewer alternatives to Russian gas because the world’s other major suppliers of that fuel — the United States, Australia and Qatar — can’t quickly expand exports substantially.Russia also has other cards to play, which could undermine the effectiveness of the European embargo.

Another hope of Western leaders is that their moves will reduce Russia’s position in the global energy industry. The idea is that despite its efforts to find new buyers in China, India and elsewhere, Russia will export less oil overall. As a result, Russian producers will need to shut wells, which they will not be able to easily restart because of the difficulties of drilling and producing oil in inhospitable Arctic fields.

“Why wait six months?” asked David Goldwyn, a top State Department energy official in the Obama administration. “As the sanctions are configured now, all that will happen is you will see more Russian crude and product flow to other destinations,” he said. But he added, “It’s a necessary first step.”

In addition, Germany and Poland have pledged to stop importing oil from Russia by pipeline, which means Europeans could reduce Russian imports by 3.3 million barrels a day by the end of the year.And the union has said European companies will no longer be allowed to insure tankers carrying Russian oil anywhere. That ban will also be phased in over several months. Because many of the world’s largest insurers are based in Europe, that move could significantly raise the cost of shipping Russian energy, though insurers in China, India and Russia itself might now pick up some of that business.Before the invasion of Ukraine, roughly half of Russia’s oil exports went to Europe, representing $10 billion in transactions a month. Sales of Russian oil to E.U. members have declined somewhat in the last few months, and those to the United States and Britain have been eliminated.

India is getting about 600,000 barrels a day from Russia, up from 90,000 a day last year, when Russia was a relatively minor supplier. It is now India’s second-biggest supplier after Iraq.But India could find it difficult to keep buying from Russia if the European Union’s restrictions on European companies insuring Russian oil shipments raise costs too much.“India is a winner,” said Helima Croft, RBC’s head of commodity strategy, “as long as they are not hit with secondary sanctions.”

But these measures have costs. Schooling time is cut short, so students learn less. People do not travel to their jobs, so work is less productive. The heat kept some farmers inside and stunted harvests, so crop yields fell and global food prices increased. Social life is disrupted.

The geography of poor countries — many are close to the Equator — is not the only reason climate change is such a burden for them. Their poverty is another factor, leaving them with fewer resources to adapt.

“Climate change is one of the most profound inequities of the modern era,”

There is a paradox to the climate crisis. Because India never fully industrialized, it has not released as many greenhouse gases as the U.S., European nations and other rich countries. But because it has not industrialized, it also has fewer resources to adapt than the richer, polluting nations.

Fewer than 10 percent of Indians have air-conditioning at home.

The rush for clean energy technologies, like solar and wind power, is an effort to break that tension — to give countries a way to industrialize without the planet-warming pollution. With climate disasters already hitting much of the world, that effort is in a race against time to prevent more crises like India’s.

On Wednesday, Russian forces advanced in street fighting in the ruins of the city of Sievierodonetsk, a target of their offensive.

Germany on Wednesday promised to supply Ukraine with two more potentially significant donations of heavy weapons

The Chinese are “watching the war in Ukraine closely and will likely use nuclear coercion to their advantage” in future conflicts, the commander, Adm. Charles A. Richard, told Congress.

Others are learning their own lessons. North Korea, which President Donald J. Trump boasted he would disarm with one-on-one diplomacy, is building new weapons.

What is fast approaching, experts say, is a second nuclear age full of new dangers and uncertainties, less predictable than during the Cold War, with established restraints giving way to more naked threats to reach for such weapons — and a need for new strategies to keep the atomic peace.

the dawning era would feature “both a greater risk of a nuclear arms race and heightened incentives for states to resort to nuclear weapons in a crisis.”

They are designed by the Russians to blur the distinction between conventional and nuclear weapons, which strategists fear makes their use more thinkable.

In the years leading up to the Ukraine invasion, Mr. Putin regularly punctuated his speeches with nuclear propaganda videos, including one that showed a swarm of warheads descending on Florida.

President Vladimir V. Putin of Russia opened the Ukraine war with a declaration that he was putting his nuclear abilities on some kind of heightened alert — a clear message to Washington to back off.

escalate to de-escalate.”

“There are a lot of things that he would do in the context of escalation before he would get to nuclear weapons,” Ms. Haines said.

The White House, the Pentagon and the intelligence agencies are examining the implications of any potential Russian claim that it is conducting a nuclear test or the use by its forces of a relatively small, battlefield nuclear weapon to demonstrate its ability.

The idea would be to “signal immediate de-escalation” followed by international condemnation, said one administration official who spoke on the condition of anonymity to provide insight into classified topics.

Henry Kissinger noted in a recent interview with The Financial Times that “there’s almost no discussion internationally about what would happen if the weapons actually became used.” He added: “We are now living in a totally new era.”

The simplest theory is that if China is going to be a superpower, it needs a superpower-sized arsenal. But another is that Beijing recognizes that all the familiar theories of nuclear balance of power are eroding.

“China is heralding a paradigm shift to something much less stable,” Mr. Krepinevich wrote, “a tripolar nuclear system.”

“They’re up to something,” Mr. Albright said of Saudi Arabia, “and they’re rich.”

The rule of law is an existential issue for the European Union: For the bloc to function properly, all member nations have to follow the same principles.

Laurent Pech, professor of European law at Middlesex University in London called the commitments “vague, partial and easy to evade.”

the invasion of Ukraine by President Vladimir Putin of Russia changed everything, tilting the balance of power in Europe and reshuffling alliances.

Reflecting how divisive the issue is in Brussels, two commissioners voted against the approval of Poland’s plan on Wednesday, a first since the recovery fund was established, and two others sent letters expressing concern over the move.

Last year, frustrated by Poland’s recalcitrance on judicial independence issues, the bloc started using the sharpest tool at its disposal: money, withholding much needed aid from the coronavirus fund.

“Poland simply deserves this money,” the country’s prime minister, Mateusz Morawiecki, told local media last week. “And now, with the war going on, Poland needs it even more.”

Poland and Hungary, led by right-wing authoritarian leaders who backed each other in conflicts with Brussels over the rule of law, took divergent paths following the Russian invasion. Under Prime Minister Viktor Orban, Hungary maintains close relations with Mr. Putin and has become a main spoiler of E.U. unity.

In response to the concerns by the European Commission, President Andrzej Duda of Poland put forward a bill amending the disciplinary system, which is expected to be approved by the Polish Parliament on Thursday.

But analysts say that Mr. Duda’s bill offers only cosmetic tweaks and does not resolve the fundamental issue identified by the European Court of Justice — pressure on judges to rule in accordance with the desires of the government.

Andrew Adams, a federal prosecutor leading the task force, said in an interview that “targeting people who make their living by providing a means for money laundering is a key priority.”

Along with the Amadea, Imperial Yachts oversaw the construction of the Scheherazade, a $700 million superyacht that U.S. officials say is linked to Mr. Putin, and the Crescent, which the Spanish police believe is owned by Igor Sechin, chairman of the state-owned oil giant Rosneft.

Mr. Timchenko and his partners designed the Scheherazade — seized in early May by the Italian police — as a gift for Mr. Putin’s use, according to the assessment. Together, the three vessels may have cost as much as $1.6 billion, enough to buy six new frigates for the Russian navy.

But U.S. officials are not buying such explanations. Elizabeth Rosenberg, the assistant secretary for terrorist financing and financial crimes at the Treasury Department, said it was the responsibility of people in the yacht services industry to avoid doing business with people under sanctions.“And if you do,” she said, “you yourself will be subject to sanctions.”

Mr. Kochman, 41, got his start in the yacht business in Russia in 2001, the year after Mr. Putin took power, selling Italian-made yachts.

“We grow with our clients like parents with babies,

Locals have never seen Mr. Khudainatov. Mariangela Canale, owner of the town’s 111-year-old bakery, said she was worried that Portofino would become a place where the homes were mere investments, owned by wealthy people who rarely visited, and the community would lose its soul. “Even the richest residents have always come for a chat or to buy my focaccia bread with their children, or have dinner in the piazza,” she said. “They live with us.”

“The client may be fully immersed in the project, he might not be,” he said in a phone interview. “I channel everything through Mr. Kochman.”

“We are not currently working with anyone on the sanctions list and we have shared all requested information with the authorities, with whom we continue to work,” the spokesman said in an email.

But according to U.S. investigators, Imperial Yachts brokered the sale of the Amadea late last year to Suleiman Kerimov, a Russian government official and billionaire investor who has been on the U.S. sanctions list since 2018. He was among a group of seven oligarchs who the American officials said “benefit from the Putin regime and play a key role in advancing Russia’s malign activities.”

Mr. Clark, the lawyer for Imperial Yachts, said the company “would never knowingly create structures to hide or conceal ownership, nor would we knowingly broker deals to sanctioned individuals.”

One thing is clear, according to the U.S. task force: Members of Mr. Kerimov’s family were on board the Amadea earlier this year, based on investigators’ interviews with crew members, reviews of emails between the ship and Imperial, and other documents from the superyacht including copies of passports.

The cast of characters restoring Villa Altachiara to its former glory is familiar. Mr. Kochman’s BLD Management is supervising the project. Mr. Gey is helping to oversee the local and international artisans restoring the interior of the mansion. Yachtline 1618, an Italian high-end carpentry company that has worked on Imperial Yachts projects, is also involved.

We buy your yachts and you buy our gas,”

“Everything is under very strict nondisclosure agreements,” Mr. Gey said. “It’s a standard in the industry.”He added, “It’s not like there is something to hide.”

“Part of what I hope to accomplish,” Mr. Kertzer said, “is to show how important a role Pius XII played.”

Mr. Kertzer makes the case that Pius XII’s overriding dread of Communism, his belief that the Axis powers would win the war, and his desire to protect the church’s interests all motivated him to avoid offending Hitler and Mussolini, whose ambassadors had worked to put him on the throne. The pope was also worried, the book shows, that opposing the Führer would alienate millions of German Catholics.

The book further reveals that a German prince and fervent Nazi acted as a secret back channel between Pius XII and Hitler, and that the pope’s top Vatican adviser on Jewish issues urged him in a letter not to protest a Fascist order to arrest and send to concentration camps most of Italy’s Jews.

“A more open protest would not have saved a single Jew but killed even more,” Michael Hesemann, who considers Pius XII a champion of Jews, wrote in response to the evidence revealed by Mr. Kertzer, whom he called “heavily biased.”

Since then, Vatican archivists recognize and, sometimes, encourage him.

On Oct. 16, 1943, Nazis rounded up more than a thousand of them throughout the city, including hundreds in the Jewish ghetto, now a tourist attraction where crowds feast on Jewish-style artichokes near a church where Jews were once forced to attend conversion sermons.

“They didn’t want to offend the pope,” Mr. Kertzer said. His book shows that Pius XII’s top aides only interceded with the German ambassador to free “non-Aryan Catholics.” About 250 were released. More than a thousand were murdered in Auschwitz.

One U.S. soldier, a Jew from Rome who had emigrated to America when Mussolini introduced Italy’s racial laws, asked Rabbi Kertzer if he could make an announcement to see if his mother had survived the war. The rabbi positioned the soldier at his side, and when the services started, a cry broke out and the G.I.’s mother rushed up to embrace her son.

At Brown University, his organizing against the Vietnam War nearly got him kicked out, and landed him in a jail cell with Norman Mailer. He stayed in school and became enamored with anthropology and with Susan Dana, a religion major from Maine.

In the early 1990s, an Italian history professor told him about Edgardo Mortara, a 6-year-old child of Jewish parents in Bologna. In 1858, the church Inquisitor ordered the boy seized because a Christian servant girl had possibly, and secretly, had him baptized, and so he could not remain in a Jewish family.

Mr. Kertzer argues that the unearthed documents paint a more nuanced picture of Pius XII, showing him as neither the antisemitic monster often called “Hitler’s Pope” nor a hero.

“Perhaps even they’re happy that some outsider is able to bring this to light because it’s awkward, perhaps, for some of them to do so,” he said.

who got the future most right? For the truth is that dystopia is now, not in some future date.

Science fiction provides us with a large sample of imagined discontinuities that might not occur if we only looked backwards.

Fahrenheit 451 (published in 1953 but set in 1999) describes an illiberal America where books are banned and the job of firemen is to burn them. (Though the novel is sometimes interpreted as a critique of McCarthyism, Bradbury’s real message was that the preference of ordinary people for the vacuous entertainment of TV and the willingness of religious minorities to demand censorship together posed a creeping threat to the book as a form for serious content.)

In a remarkable letter written in October 1949, Aldous Huxley — who had been Orwell’s French teacher at Eton — warned him that he was capturing his own present rather than the likely future. ‘The philosophy of the ruling minority in Nineteen Eighty-Four,’ Huxley wrote, ‘is a sadism which has been carried to its logical conclusion… Whether in actual fact the policy of the boot-on-the-face can go on indefinitely seems doubtful. My own belief is that the ruling oligarchy will find less arduous and wasteful ways of governing and of satisfying its lust for power, and these ways will resemble those which I described in Brave New World’. Huxley’s Brave New World (1932) is a very different dystopia. Citizens submit to a caste system, conditioned to be content with physical pleasure. Self-medication (‘soma’), constant entertainment (the ‘feelies’), regular holidays and ubiquitous sexual titillation are the basis for mass compliance. Censorship and propaganda play a part, but overt coercion is rarely visible. The West today seems more Huxley than Orwell: a world more of corporate distraction than state brutality.

Yet none of these authors truly foresaw our networked world, which has combined the rising technological acceleration with a slackening of progress in other areas, such as nuclear energy, and a degeneration of governance. The real prophets are less known figures, like John Brunner, whose Stand on Zanzibar (1968) is set at a time — 2010 — when population pressure has caused social division and political extremism. Despite the threat of terrorism, US corporations are booming, thanks to a supercomputer. China is America’s new rival. Europe has united. Brunner envisaged affirmative action, genetic engineering, Viagra, Detroit’s collapse, satellite TV, in-flight video, gay marriage, laser printing, electric cars, the decriminalisation of marijuana and the decline of tobacco. There’s even a progressive president (albeit of the Africa state of Beninia, not America) named ‘Obomi’

With comparable prescience, William Gibson’s Neuromancer (1984) anticipates the world wide web and AI. Opening in the dystopian Japanese underworld of Chiba City, it imagines a global computer network in cyberspace called the ‘matrix’. Neal Stephenson’s Snow Crash (1992), which was especially popular among Facebook employees in the company’s early years, foresaw corporate overreach and virtual reality in an almost anarchic America. The state has withered away in California; everything has been privatised. Most people spend half their time in virtual reality, where their avatars have more fun than they themselves do in the real world. Meanwhile, flotillas of refugees approach via the Pacific. These cyberpunk Americas are much closer to the US in 2021 than the fascist dystopias of Lewis, Atwood or Roth.

Orwell and Huxley — have been outflanked when it comes to making sense of today’s totalitarian countries

Take China, which better resembles Yevgeny Zamyatin’s We: a book written in 1921, but suppressed by the Bolsheviks. It is set in a future ‘One State’ led by ‘the Benefactor’, where the ‘ciphers’ — who have numbers, not names, and wear standardised ‘unifs’ — are under constant surveillance. All apartments are made of glass, with curtains that can be drawn only when one is having state-licensed sex. Faced with insurrection, the omnipotent Benefactor orders the mass lobotomisation of ciphers, as the only way to preserve universal happiness is to abolish the imagination.

Chan Koonchung’s The Fat Years (2009) — which is banned in China. In this story, tap water is laced with drugs that render people docile, but at a cost. The month of February 2011 has been removed from public records and popular memory. This was when drastic emergency measures were introduced to stabilise the Chinese economy and assert China’s primacy in east Asia. Chan is one of a number of recent Chinese authors who have envisioned the decline of America, the corollary of China’s rise. The Fat Years is set in an imagined 2013, after a second western financial crisis makes China the world’s no. 1 economy.

Liu Cixin’s The Three-Body Problem (2006), a Chinese nanotechnology expert and a Beijing cop lead the global defence against an alien invasion that’s the fault of a misanthropic Chinese physicist.

His place in the history books, however, is secured. He will forever be the libertine whose pursuit of personal freedom and “control” saw his countrymen robbed of theirs.

Privately, Obama told his aide Ben Rhodes that not even the 1994 Rwandan genocide merited a strong U.S. response. Without announcing a new era of foreign-policy “realism,” Obama brought it into being.

When Chamath Palihapitiya said that Americans should “take care of our own backyard” before pointing fingers at other countries, he was voicing a widespread belief.

When they come up as a policy issue, we look for ways to justify doing nothing. We are all realists now.

the mind stops seeking and absorbing news of them, and so, in a sense, they cease to exist. Their nonexistence stems from and reinforces the profound self-absorption into which Americans have sunk in the past decade.

the demise of these mechanisms has soured Americans on the idea of human rights itself. Because we no longer think we can change the behavior of the world’s oppressors—because the cost of trying will be too high—we no longer think much about human rights at all.

The idea that solidarity with the oppressed here should naturally extend to the oppressed everywhere—an internationalist idea that long ago defined the left—has died,

along with the global system in which the U.S. played an intermittent, usually two-faced, often incompetent, occasionally effective role as the self-proclaimed upholder of human rights as a universal value.

But instincts have a way of outlasting ideas. Within most Americans lies a buried feeling that they should care about the torment of the Uyghurs.

This is Kanter’s style of activism—it’s personal. He gets in a dictator’s face, nose to nose, chest to chest, as if Xi Jinping is a bully throwing cheap shots and committing flagrant fouls and everyone else is afraid to call him out. “Someone had to do it,” Kanter told me.

some players asked him to unfollow them on social media, and not one has spoken out on his behalf. “Maybe they don’t know enough about it,” he told me. “But I feel like the fear of losing money, the fear of losing business, the fear of losing endorsement deals …” He didn’t complete the obvious thought. “And also, sometimes they do not care enough about what’s going on outside America.”

indifference, and not the pervasive influence of Chinese contracts and sneaker endorsements, is the most interesting thing about the league’s unfriendly response to Freedom’s campaign for global human rights. Of course young players want to win lucrative deals while they can, but most people in the league don’t even experience a conflict between money and principle. The latter has disappeared. It’s as if Freedom is putting all that money in jeopardy for a self-indulgent whim—as if he’s taken a tactless interest in matters that don’t concern him.

They were offering nearly unlimited cheap debt to keep the wheels of finance turning, and when that didn’t help, the Fed began purchasing massive quantities of government debt outright.

Investors dumped whatever they could, including ostensibly “risk-free” U.S. Treasury securities. As a global dash for dollars unfolded, Treasurys were no longer serving as the market’s traditional shock absorbers, amplifying extreme turmoil on Wall Street.

By week’s end, the Dow had plunged more than 10,000 points since mid-February as investors struggled to get their arms around what a halt to global commerce would mean for businesses that would soon have no revenue.

“It was sheer, unadulterated panic, of a magnitude that was far worse than in 2008 and 2009. Far worse,”

The idea of shutting down markets was especially discouraging: “It was a profoundly un-American thing to contemplate, to just shut everything down, and almost fatalistic—that we’re not going to get out of this.”

nearly two years later, most agree that the Fed’s actions helped to save the economy from going into a pandemic-induced tailspin.

“My thought was—I remember this very clearly—‘O.K. We have a four-or-five-day chance to really get our act together and get ahead of this. We’re gonna try to get ahead of this,’” Mr. Powell recalled later. “And we were going to do that by just announcing a ton of stuff on Monday morning.”

It worked. The Fed’s pledges to backstop an array of lending, announced on Monday, March 23, would unleash a torrent of private borrowing based on the mere promise of central bank action—together with a massive assist by Congress, which authorized hundreds of billions of dollars that would cover any losses.

If the hardest-hit companies like Carnival, with its fleet of 104 ships docked indefinitely, could raise money in capital markets, who couldn’t?

on April 9, where he shed an earlier reluctance to express an opinion about government spending policies, which are set by elected officials and not the Fed. He spoke in unusually moral terms. “All of us are affected,” he said. “But the burdens are falling most heavily on those least able to carry them…. They didn’t cause this. Their business isn’t closed because of anything they did wrong. This is what the great fiscal power of the United States is for—to protect these people as best we can from the hardships they are facing.”

They were extraordinary words from a Fed chair who during earlier, hot-button policy debates said the central bank needed to “stay in its lane” and avoid providing specific advice.

To avoid a widening rift between the market haves (who had been given access to Fed backstops) and the market have-nots (who had been left out because their debt was deemed too risky), Mr. Powell had supported a decision to extend the Fed’s lending to include companies that were being downgraded to “junk” status in the days after it agreed to backstop their bonds.

Most controversially, Mr. Powell recommended that the Fed purchase investment vehicles known as exchange-traded funds, or ETFs, that invest in junk debt. He and his colleagues feared that these “high-yield” bonds might buckle, creating a wave of bankruptcies that would cause long-term scarring in the economy.

Mr. Powell decided that it was better to err on the side of doing too much than not doing enough.

, Paul Singer, who runs the hedge-fund firm Elliott Management, warned that the Fed was sowing the seeds of a bigger crisis by absolving markets of any discipline. “Sadly, when people (including those who should know better) do something stupid and reckless and are not punished,” he wrote, “it is human nature that, far from thinking that they were lucky to have gotten away with something, they are encouraged to keep doing the stupid thing.”

The breathtaking speed with which the Fed moved and with which Wall Street rallied after the Fed’s announcements infuriated Dennis Kelleher, a former corporate lawyer and high-ranking Senate aide who runs Better Markets, an advocacy group lobbying for tighter financial regulations.

This is a ridiculous discussion no matter how heartfelt Powell is about ‘we can’t pick winners and losers’—to which my answer is, ‘So instead you just make them all winners?’”

“Literally, not only has no one in finance lost money, but they’ve all made more money than they could have dreamed,” said Mr. Kelleher. “It just can’t be the case that the only thing the Fed can do is open the fire hydrants wide for everybody

Mr. Powell later defended his decision to purchase ETFs that had invested in junk debt. “We wanted to find a surgical way to get in and support that market because it’s a huge market, and it’s a lot of people’s jobs… What were we supposed to do? Just let them die and lose all those jobs?” he said. “If that’s the biggest mistake we made, stipulating it as a mistake, I’m fine with that. It wasn’t time to be making finely crafted judgments,” Mr. Powell said. He hesitated for a moment before concluding. “Do I regret it? I don’t—not really.”

“We didn’t know there was a vaccine coming. The pandemic is just raging. And we don’t have a plan,” said Mr. Powell. “Nobody in the world has a plan. And in hindsight, the worry was, ‘What if we can’t really fully open the economy for a long time because the pandemic is just out there killing people?’”

Mr. Powell never saw this as a particularly likely outcome, “but it was around the edges of the conversation, and we were very eager to do everything we could to avoid that outcome,”

The Fed’s initial response in 2020 received mostly high marks—a notable contrast with the populist ire that greeted Wall Street bailouts following the 2008 financial crisis. North Carolina Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, gave Mr. Powell an “A-plus for 2020,” he said. “On a one-to-10 scale? It was an 11. He gets the highest, highest marks, and deserves them. The Fed as an institution deserves them.”

The pandemic was the most severe disruption of the U.S. economy since the Great Depression. Economists, financial-market professionals and historians are only beginning to wrestle with the implications of the aggressive response by fiscal and monetary policy makers.

Altogether, Congress approved nearly $5.9 trillion in spending in 2020 and 2021. Adjusted for inflation, that compares with approximately $1.8 trillion in 2008 and 2009.

By late 2021, it was clear that many private-sector forecasters and economists at the Fed had misjudged both the speed of the recovery and the ways in which the crisis had upset the economy’s equilibrium. Washington soon faced a different problem. Disoriented supply chains and strong demand—boosted by government stimulus—had produced inflation running above 7%.

because the pandemic shock was akin to a natural disaster, it allowed Mr. Powell and the Fed to sidestep concerns about moral hazard—that is, the possibility that their policies would encourage people to take greater risks knowing that they were protected against larger losses. If a future crisis is caused instead by greed or carelessness, the Fed would have to take such concerns more seriously.

The high inflation that followed in 2021 might have been worse if the U.S. had seen more widespread bankruptcies or permanent job losses in the early months of the pandemic.

an additional burst of stimulus spending in 2021, as vaccines hastened the reopening of the economy, raised the risk that monetary and fiscal policy together would flood the economy with money and further fuel inflation.

The surge in federal borrowing since 2020 creates other risks. It is manageable for now but could become very expensive if the Fed has to lift interest rates aggressively to cool the economy and reduce high inflation.

The Congressional Budget Office forecast in December 2020 that if rates rose by just 0.1 percentage point more than projected in each year of the decade, debt-service costs in 2030 would rise by $235 billion—more than the Pentagon had requested to spend in 2022 on the Navy.

its low-rate policies have coincided with—and critics say it has contributed to—a longer-running widening of wealth inequality.

In 2008, household wealth fell by $8 trillion. It rose by $13.5 trillion in 2020, and in the process, spotlighted the unequal distribution of wealth-building assets such as houses and stocks.

Without heavy spending from Washington, focused on the needs of the least well-off, these disparities might have attracted more negative scrutiny.

Finally, the Fed is a technocratic body that can move quickly because it operates under few political constraints. Turning to it as the first line of defense in this and future crises could compromise its institutional independence.

Step one, he said, was to get in the fight and try to win. Figuring out how to exit would be a better problem to have, because it would mean they had succeeded.

“We have a recovery that looks completely unlike other recoveries that we’ve had because we’ve put so much support behind the recovery,” Mr. Powell said last month. “Was it too much? I’m going to leave that to the historians.”

The final verdict on the 2020 crisis response may turn on whether Mr. Powell is able to bring inflation under control without a painful recession—either as sharp price increases from 2021 reverse on their own accord, as officials initially anticipated, or because the Fed cools down the economy by raising interest rates.

In his book The Four Loves, C.S. Lewis outlines the ways in which citizens should love their nations.

healthy patriotism is rooted in this deep and natural sense of home, it rebukes any sense of chauvinism or xenophobia. “In any mind which has a pennyworth of imagination it produces a good attitude towards foreigners,” Lewis says, “How can I love my home without coming to realise that other men, no less rightly, love theirs.” 

“As the family offers us the first step beyond self-love,” writes Lewis, “so this offers us the first step beyond family selfishness.” 

Critically, love of country rooted in love of home “is not in the least aggressive.” It “asks only to be let alone.” That’s not to say that it’s pacifistic, but “it becomes militant only to protect what it loves.” 

he uses a key word—“home.” He compares the love of your country to the “love of home, of the place we grew up in or the places, perhaps many, which have been our homes; and of all places fairly near these and fairly like them; love of old acquaintances, of familiar sights, sounds and smells.” 

Because

It is this sense of peace and place that echoes in the prophet Micah’s words: “Everyone will sit under their own vine and under their own fig tree, and no one will make them afraid.”

No one claims that Ukraine is a perfect country.

, it is “not in the least aggressive.” It “asks only to be let alone.” As a nation that has endured its own aggressive attacks, how can we not empathize? How can we not do what we reasonably can to deter Russian aggression and help Ukrainians defend themselves?

But this moment should cast our existing obligations in a different light, reaffirming their immense value.

In fact, it is our understanding of the value of our national home—and the deeply destabilizing and violent pain of the loss of others’ national homes—that leads to the network of defensive alliances that has maintained great power peace for so long.

NATO is not “American imperialism.” Our defensive alliances in Asia aren’t the result of “imperial overreach.” To continue the comparison to home, a defensive alliance is akin to a neighborhood watch, where neighbors look after and protect each other.

It is no coincidence, however, that the unhealthy nationalism of the modern incarnation of America First does seek to repeat those past mistakes

the reason isn’t just tactical or strategic, it’s philosophical—rooted in temptations and vices that Lewis warns against in the Four Loves. 

Essentially, the warning is against a sense of superiority—about both the past and present. As Lewis said, a love of country can lead to a “particular attitude to our country’s past” that has “not quite such good credentials as the sheer love of home.” 

“The actual history of every country is full of shabby and even shameful doings … The heroic stories,” Lewis writes, “if taken to be typical, give a false impression of it

Why is that dangerous? Why is it so important to understand history in full?

At worst we can hold the “firm, even prosaic belief that our own nation, in sober fact, has long been, and still is markedly superior to all others.” This belief “can produce asses that kick and bite.” “On the lunatic fringe,” Lewis warned, “It may shade off into that popular Racialism which Christianity and science equally forbid.”

Interestingly enough, the sense of superiority can create the same outcome as the sense of national self-loathing you sometimes see on far-left and far-right.

The chauvinist has no concern beyond our borders. The angry critic says we have no right to demonstrate concern, so long as we are still so flawed

the result is similar—an insular people, focused on themselves.

A criminal regime is on the verge of kicking down the door of a national home, and our nation should stand with the innocent, with those who wish to be left alone. We are all Ukrainians now. 

it’s not just the lotus-eating Europeans. George W. Bush and Barack Obama both got rolled by Putin. Donald Trump was practically Putin’s gofer.

Our presidents were not alone. Much of Conservatism Inc. has become functionally pro-Russia.

much of the American foreign policy establishment decided that it could live in whatever reality it preferred. Their signal accomplishment was killing America’s two-war doctrine.

The goal of the two-war doctrine was to prevent America from having to fight any major wars. Because when you have the ability to fight two conventional ground wars, you deter all of your enemies.

A one-war doctrine, on the other hand, invites conflict.

both China and Russia are emboldened to pursue their interests: They know that we are unlikely to respond to aggression because in any given instance we will be paralyzed by the need to be able to deter a second aggressor.

The two-war doctrine was a victim of its own success. It was so effective at deterring large-scale aggression that Americans became convinced it wasn’t needed. That we could pocket the savings and get the same level of security through norms and agreements and economic interdependence.

Here is a thing everyone except Vladimir Putin and Xi Jinping seems to have forgotten: Reality is a tank. Not a memorandum. Not a summit. Not a promise.

Over the last 20 years, Americans experienced the very real costs of being the global hegemon and decided that, all things being equal, we’d rather not have the job.We are about to experience the very real costs of not being the hyperpower.

I would like to think the American people will survey the situation and come to the hard conclusion that while it is expensive and arduous to be the enforcer of the international order, it’s ultimately cheaper and safer than the alternative. And that we will then select leaders who will carry out this brief.

But I’ve lived through the last three years, just like you. I’ve watched half of America whine like children over being asked to wear a KN-95 at the grocery store. I’ve seen a third of this country refuse to get a life-saving vaccine because they are so detached from reality.

In my darker moments I suspect that Vladimir Putin has taken our measure quite precisely.

If Russia's military escalates the crisis, diplomats and foreign policy analysts say diplomacy and action at the United Nations is likely to mirror what happened in 2014 after Russia annexed Ukraine's Crimea region.

So far, Western diplomacy at the United Nations during the latest military build-up has largely focused on trying to rally support - should they need it - among U.N. members by accusing Russia of undermining the U.N. Charter.

Bush’s third big idea in the 2002 speech was to downgrade the importance of Afghanistan to the United States

The fourth core idea in the speech was a determination to regard terrorism as a tool of power.

Mr Lee’s biggest potential headache is an investigation into allegedly corrupt land deals in Seongnam, a middle-class suburb of Seoul, while he was its mayor. He denies any involvement and has survived a parliamentary audit into the matter.

Two officials who were indicted on corruption charges in the case committed suicide in December. That reduces the chances that the full tale will ever come to light.

The opposition portrays him as a gangster, playing up alleged links to organised crime and berating him for defending men who had killed their partners when he was a lawyer.

prosecutors are investigating claims that, as chief prosecutor, Mr Yoon abetted an underling who allegedly helped the PPP file criminal complaints against Minjoo party lawmakers in the run-up to elections in 2020 (he denies the allegations).

Mr Yoon’s family is an additional liability. His mother-in-law has received a three-year prison sentence for medical fraud. His wife, Kim Keon-hee, has admitted that she forged most of her CV when applying for jobs as an art curator.

Since 2014, the U.S. has spent tens of millions of dollars toward arming Ukraine with hardware, software and training to secure its critical infrastructure. Those efforts have ramped up in recent months.

But Russian disinformation has become less effective

When war broke out in eastern Ukraine in 2014, fake news from Russia flooded over the border with the aim of instilling panic in parts of the country with greater sympathy for Russia, like Crimea, turning them away from the Ukrainian government and toward Russia.

Russian state-owned TV broadcast false stories about "fascists" in the streets of Kyiv, a ban on the Russian language in Ukraine, and looming food riots and rationing. One story, broadcast on Russian state TV, claimed that Ukrainian soldiers had brutally murdered and crucified a three-year-old boy.

One example: A series of bomb scares were called into Ukrainian schools in recent weeks, but many parents shrugged them off.

Authorities in Kyiv are working to prepare the city

Although an invasion feels unlikely to many who live in Kyiv, city officials say they are not as prepared as they'd like to be.

Kyiv has thousands of bomb shelters that date back to the Soviet era, when some of the USSR's nuclear arsenal was based in Ukraine. Over the past several months, authorities have been working to bring as many shelters as possible back into operation. But many are still unusable. Some have been flooded, others are inaccessible. Some shelters have even been taken over by barbershops or bakeries that have set up shop inside. "Authorities will have to take care of this situation and take it more seriously," Mykhailova said.

Ukraine's military has strengthened since 2014

"Ukrainian troops are well-trained, they're well-equipped and they're very motivated. Ukrainians in general and the Ukrainian military are very patriotic. They love Ukraine. They're willing to fight to save it," said Kristina Kvien, the top U.S. diplomat in Kyiv, in an interview with All Things Considered on Friday.

That improvement has come with major help from international donors, primarily the United States. The U.S. has committed more than $5.4 billion in aid to Ukraine since 2014, according to the State Department. About half that total has been security assistance, with the Biden administration announcing another $200 million on Wednesday. Over the years, that military aid has taken many forms: Humvees, patrol boats, counter-artillery radar, a joint training center in western Ukraine.

In this light, the invasion of Ukraine looks like civilizationism run amok, a bid to forge by force what the Russian nationalist writer Anatoly Karlin dubs “Russian world” — meaning “a largely self-contained technological civilization, complete with its own IT ecosystem … space program, and technological visions … stretching from Brest to Vladivostok.”

The goal is not world revolution or world conquest, in other words, but civilizational self-containment — a unification of “our own history, culture and spiritual space,” as Putin put it in his war speech — with certain erring, straying children dragged unwillingly back home.

It was the first time China had explicitly endorsed Russia’s demand for a halt to NATO expansion, though it had criticized previous NATO applications by individual countries, including Montenegro and North Macedonia.

The two leaders also vowed to resist American-led efforts to promote pluralistic democracy and said they would fight foreign influence under the guise of what both call “color revolutions,” after the popular uprisings in former Soviet republics like Ukraine and Georgia.