The combination of high inflation and recession, accepted by many economists, is reminiscent of the 1970s, when the first oil shock devastated the world economy. With just a few months to go before the midterm elections in the United States, President Biden and the Democrats will not be able to take over a dominated campaign. Gasoline $ 5 per gallon And inflation close to double digits.
Yet the components of a long war are clear enough. There is no sign of Russia’s readiness for a territorial settlement. At the same time, the Ukrainian resistance is still strong enough to make any formal transfer of territory almost unthinkable. The result is a major stalemate, far removed from Mr Putin’s initial belief that Russian troops would be welcomed in the Ukrainian capital, Kyiv.
Some of the roots of the war lie in Ukraine’s strategic decision to move closer to the 27-nation European Union and to move away from Moscow. Mr Putin could not stand the change, which has now been reinforced in Ukraine by a brutal confrontation with Russian military methods.