At Amazon, Timothy Snyder, Bloodlands: Europe Between Hitler and Stalin.
Sunday, March 13, 2022
Janet Yellen Says No Danger to U.S. Dollar's Reserve Currency Status
I've been reading about the prospects of the greenback remaining the dominant money in global trade and finance. See, Benjamin J. Cohen, Currency Statecraft: Monetary Rivalry and Geopolitical Ambition.
Yellen says no fear, the dollar's still here.
At Bloomberg, "Yellen Rejects Notion Sanctions Could Undermine Dollar Dominance":
Treasury Secretary Janet Yellen said the U.S. dollar is in no danger of losing its status as the world’s dominant reserve currency as a result of sanctions imposed against Russia over its invasion of Ukraine. “I don’t think the dollar has any serious competition, and is not likely to for a long time,” Yellen told reporters in response to questions following a speech in Denver on Friday. Some commentators, including Credit Suisse Group AG interest-rate strategist Zoltan Pozsar, have warned sanctions that blocked Russia’s access to its foreign currency reserves could drive other countries away from the dollar. “When you think about what makes the dollar a reserve currency, it’s that we have the deepest and most liquid capital markets of any country on earth,” Yellen said. “Treasury securities are safe, secure and immensely liquid. We have a well-functioning economic and financial system and the rule of law. There really is no other currency that can rival it as a reserve currency.”
Thirty-Five Killed as Russia Strikes Ukraine Military Base Near Polish Border (VIDEO)
War is hell. Bloody fucking hell.
At WSJ, "Russian Missiles Strike Ukrainian Military Training Base Near Polish Border":
Attack kills at least 35 and increases risk of war encroaching on NATO territory, after Moscow says arms shipments to Kyiv won’t be tolerated. A Russian airstrike on a Ukrainian military training center close to the Polish border threw into sharp relief the hazards of the Western push to deliver arms support to Kyiv while avoiding direct conflict with a nuclear adversary. The airstrike killed 35 people at the facility in Yavoriv about 10 miles from the Polish border early Sunday, far to the west of where the conflict has been concentrated, one day after Moscow warned the West that it would consider arms deliveries to Ukraine as legitimate targets. A large portion of the military aid from the West—one of the largest transfers of arms in history—passes through Poland into western Ukraine, part of the fine line the U.S. and its North Atlantic Treaty Organization, or NATO, allies are walking between aiding Ukraine militarily while steering clear of providing troops or enforcing a no-fly zone that Ukraine has called for. The expansion of Russia’s aggression to a target close to Poland also increases the risk of the war encroaching on NATO territory, which the U.S. has warned would be treated as an attack on the alliance. Any strike on Poland would bring “the full force of the NATO alliance to bear in responding to it,” Jake Sullivan, the U.S. national security adviser, said in an interview Sunday on CBS News’ “Face the Nation.” Russia’s Defense Ministry said more attacks aimed at supply lines and foreign mercenaries supporting Ukraine were in the offing. Armaments supplied to Ukraine by the U.S. and its European allies—especially antitank and antiaircraft weapons—have played an important role in checking the advance of Russian ground troops, who have suffered heavy casualties in the north as they have tried to encircle the Ukrainian capital, Kyiv. But Ukrainian President Volodymyr Zelensky has warned that military aid alone might not be enough to enable Ukraine to fight off Russia’s invasion, and has made increasingly urgent calls for a no-fly zone that would protect the supplies entering the country and the refugees fleeing to neighboring countries. The U.S. and its European allies have said a no-fly zone that involved other countries’ air forces risks escalating the conflict because it would only be effective if it were empowered to deter Russian planes. The U.S. also last week declined to support a Polish plan to give the U.S. Soviet-built MiG-29 combat jets after the U.S. had broached the prospect of Poland supplying the planes directly to Ukraine. While the West aids Ukraine, Russia has asked China for military equipment and other assistance for its war effort, according to U.S. officials, who didn’t specify what Russia had requested. News of Russian President Vladimir Putin’s request for help from Beijing, first reported by the Washington Post, comes as Mr. Sullivan heads to Rome on Monday to meet with a top Chinese official to discuss Ukraine. Mr. Sullivan spoke on CNN on Sunday of the growing concern inside the Biden administration that Russia might be looking for help in the conflict, though he didn’t acknowledge a specific request from Russia to China. “We are also watching closely to see the extent to which China actually does provide any form of support, material support or economic support, to Russia,” Mr. Sullivan said. “It is a concern of ours, and we have communicated to Beijing that we will not stand by and allow any country to compensate Russia for its losses from the economic sanctions.” In addition to supplying arms, the Biden administration and its allies have shared intelligence with Kyiv and inflicted sweeping economic sanctions against Russia. But they are facing calls from some quarters to do more...
Stunning Cindy Crawford in 1995
Crawford's still absolutely gorgeous, but damn --- back in 1995? Hoo boy.
See, "Cindy Crawford 1995 Stunning Body."
Joe Biden's Dangerous Energy Policy
It's Newt Gingrich, at Newsweek, "Biden's Energy Policy is Helping Dictators and Harming Americans."
'So Clearly There's an Intention for the United States to Be in Ukraine...' (VIDEO)
Following up from last week, "Victoria Nuland, Biden's Under Secretary of State for Political Affairs, Claims Ukraine Has 'Biological Research Facilities' (VIDEO)."
Here's Glenn Greenwald on Tucker's:
Demand for Bomb Shelters and Iodine Pills Skyrockets in Europe
As noted earlier, I seriously doubt World War III is imminent, but the Europeans aren't taking any chances.
At NYT, "Pandemic Fears Give Way to a Rush for Bomb Shelters":
Since Vladimir Putin’s invasion of Ukraine, European anxiety has shifted from Covid to nuclear annihilation. Bunkers, survival guides and iodine pills are flying off the shelves. BAGNOLO SAN VITO, Italy — Across a footbridge from a busy shopping outlet surrounded by verdant fields in northern Italy, workers in a nondescript warehouse are preparing for a nuclear attack, its radioactive fallout and the end of the world as we know it. “We have found ourselves in the midst of this giant cyclone of demand,” said Giulio Cavicchioli, as he showed off an underground air filtration system that “cleans” radioactive particles, nerve gas and other biological agents and played a video tour of a nuclear shelter that was “ready to use.” His company, Minus Energie, has gone from working on 50 bunkers in the past 22 years to fielding 500 inquiries in the past two weeks. “It’s a hysteria for construction of bunkers,” he said, driven by the fear of Russian nuclear warheads reaching across Europe. “It’s much scarier now.” In the days since President Vladimir V. Putin of Russia launched his war on Ukraine, and put his nuclear forces into “special combat readiness,” the intensifying violence and the legacy of two world wars has revived fears in Europe of nuclear calamity for the first time in decades. Europe has already spent two years on high alert against the pandemic. But now the manifestations of its anxieties and desires for self-defense have shifted from the masks, vaccines and lockdowns of Covid to the bunkers, iodine pills and air raid sirens of nuclear war. From Italy to Sweden, Belgium to Britain, the specter of nuclear war, which had seemed a relic of the past, is permeating a new generation of European consciousness. And it is prompting a new look at defense infrastructure, survival guides and fallout shelters that not long ago were the purview of camouflage-wearing, assault-weapon-toting survivalists or paranoid billionaires. “We are extremely concerned by the nuclear safety, security and safeguards risks caused by the Russian invasion on Ukraine,” the European Union said in a statement on Wednesday. “Since the fall of the Soviet Union, we’ve all forgotten about it and put it to bed, until, you know, the madman invaded,” said Hamish de Bretton-Gordon, the former commander of the United Kingdom’s and NATO’s Chemical, Biological and Nuclear Defense Forces, and now a visiting fellow at Magdalene College, Cambridge...
Central Bank Digital Currency
Whoever this guy is, N.S. Lyons, he's bloody amazing.
Here, "Just Say No to CBDCs":
You awake to find that today is special: it’s Stimmie Day! When you roll over and check your phone, you see a notification from your FedWallet app letting you know that another $2,000 in FedCoins has just been added directly to your account by the U.S. Federal Reserve. To be honest, part of you would love to save that money for the long term, given that things have been getting rather uncertain and actually kind of crazy lately, what with the war and the economy and all… But you can’t, since these FedCoins are coded as usable for consumer purchases only, and will expire and vanish in seven days. So you’d better spend em while you’ve got em! The latest PlayBox it is then. Everyone says Elden Ring 3 is the hottest VR game on the Metaverse right now, and you’ve really wanted to join in. Since you’re stubbornly old fashioned, you decide to check it out at BezosMart on the way home from work today before you get it delivered by drone to your tiny apartment. But first you begin your day as you always do, with a quick stop at the local Starbrats’ automated, no-contact drive-through latte dispensary. Opening your FedWallet app and vaguely waving your smartphone at the machine is enough to complete the transaction. $14 in FedCoins are instantly deleted from your digital account at the Fed and recreated in Starbrats’ corporate account, well before the sweet, coffee-flavored milk beverage is deposited into your eager, grasping hands. Your morning starts to go downhill quickly, however, when you realize that your SUV is almost out of gas. You pull the old clunker, with its antiquated combustion engine, into the nearest open station you can find – it looks pretty run-down – and roll up to the pump. A dull-eyed teenager in a facemask inserts a nozzle into your vehicle and waits for you to pre-pay. You wave your phone at the pump. Nothing happens. You try again. Your phone buzzes, and you look at it. There’s a message from the Fed: “You have already spent more than the $400 maximum weekly limit on fossil fuels specified in the FedWallet User Agreement. Your remaining account balance cannot be used to purchase non-renewable energy resources. Please make an alternative purchase. Have you considered a clean, affordable New Energy Vehicle? Thank you for doing your part to build a more just and sustainable world!” You have in fact considered purchasing a clean, affordable New Energy Vehicle. But they still aren’t very affordable for you, what with the supply chain shortages. Despite the instant credit the Fed would add to your balance when buying an electric car – plus the permanent ten percent general subsidy you automatically receive on every purchase as a BIPOC individual thanks to the Fed’s Reparations Alternatives for Comprehensive Equity (RACE) program – the down payment on a new car would still be more than you can afford, even with your new stimmie coins. Well, you’re not going to be able to make it to work at the warehouse on what you have in the tank. How could you be so foolish? You’re going to have no choice but to park here and blow a bunch of money on hailing one of those sleek, incredibly expensive self-driving electric cabs to take you there instead. But, as you’re about to tap the screen to do so, you notice there’s a classic fast-food joint next door. Might as well head there first to unload a little stimmie money. Nothing makes you feel better like a greasy breakfast sandwich. Entering the establishment and sidling up to the old touchscreen kiosk, you order a McKraken with extra bacon. But when you wave your phone to pay, an error message pops up again. “You have exceeded your weekly purchase limit for complex animal protein, as stipulated in the FedWallet User Agreement. Have you considered purchasing a delicious vegan or mealworm alternative? Thank you for doing your part to build a more just and sustainable world!” This is a sandwich too far for you during an especially hard week. “Ugh FedWallet is so fucking lame!” you post on Twatter as you idle hungrily in front of the kiosk. “Your message has been flagged for review,” says an immediate notification. “As a reminder, using ableist hate speech may impact your ESG score and future financing opportunities. Thank you for doing your part to build a more just and inclusive world!” “Omg this is absurd, life was so much better before FedCoin, when we still had cash!” you post again to Twatter, unable to control yourself. “Your account has been locked pending national security review,” says a notification from FedWallet. “As a reminder, the proliferation of false or misleading narratives which sow discord or undermine public trust in government institutions is classified as a potential domestic terrorism offence by the Department of Homeland Security. We value your feedback.” You jerk awake, fumbling at your phone with trembling, sweaty fingers. Oh thank God, it was all just a terrible dream! You just dozed off while reading Rod Dreher’s blog. You can still eat all the steak and bacon you want. There’s nothing to worry about… But no, you’re actually reading Politico, and see with horror that President Biden has just released a “sweeping” executive order directing the government to immediately begin moving to comprehensively regulate cryptocurrencies while developing a digital dollar issued by the Federal Reserve. “My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC,” he declares, in a line probably narrated in a creepy whisper. You are wracked by foreboding amid the sudden cawing of ravens. At least you should be, because everything about central bank digital currency (CBDC) is the stuff of totalitarian nightmare...
Still more at the link.
Russia Asked China for Military Assistance in Ukraine
Thus making Putin's regime look all the weaker.
And China's supposedly guarded in its newfound partnership.
At the Financial Times, "US officials say Russia has asked China for military help in Ukraine":
Russia has asked China for military equipment to support its invasion of Ukraine, according to US officials, sparking concern in the White House that Beijing may undermine western efforts to help Ukrainian forces defend their country.US officials told the Financial Times that Russia had requested military equipment and other assistance since the start of the invasion. They declined to give details about what Russia had requested.
Another person familiar with the situation said the US was preparing to warn its allies, amid some indications that China may be preparing to help Russia. Other US officials have said there were signs that Russia was running out of some kinds of weaponry as the war in Ukraine extends into its third week.
The White House did not comment. The Chinese embassy in Washington did not respond to a request for a comment.
The revelation comes as Jake Sullivan, US national security adviser, heads to Rome for talks on Monday with Yang Jiechi, China’s top foreign policy official.
Before leaving Washington on Sunday, Sullivan warned China not to try to “bail out” Russia by helping Moscow to circumvent the sanctions that the US and its allies have imposed on President Vladimir Putin and his regime...
The apparent request for equipment and other kinds of unspecified military assistance comes as the Russian military struggles to make as much progress in Ukraine as western intelligence believe they expected.
It also raises fresh questions about the China-Russia relationship, which has grown increasingly strong as both countries express their opposition to the US over everything from Nato to sanctions.
China has portrayed itself as a neutral actor in the Ukraine crisis and has refused to condemn Russia for invading the country. The US has also seen no sign that Chinese president Xi Jinping is willing to put any pressure on Putin...
Brent Renaud, Renowned Filmmaker and Journalist, 'Gunned Down' by Russian Forces in Ukraine
The Washington Examiner links Nick Stylianou, who reports, "Head of the Kyiv Police Department says that Russian troops opened fire on a car with foreign journalists in and shot dead 51-year-old New York Times videojournalist Brent Renaud in Irpin. One of his colleagues is injured and is in hospital."
The Times' story is here, "Brent Renaud, an American Journalist, Is Killed in Ukraine." The report indicates, "The Ukrainian authorities said he was killed in Irpin, a suburb that has been the site of intense shelling by Russian forces in recent days, but the details of his death were not immediately clear."
You'd think the Times might have mentioned that Renaud's auto came under fire by Russian troops. Folks on Twitter are peeved by this section of the story:
Mr. Renaud had contributed to The Times in previous years, most recently in 2015, but he was not on assignment for the company in Ukraine. Early reports that he was working for The Times in Ukraine circulated because he was found with a Times press badge that had been issued for an assignment years ago...
Renaud was on assignment for Time. The magazine's statement is here, "A Statement from TIME on the Death of Journalist Brent Renaud," via Memeorandum.
Saturday, March 12, 2022
Origins of the Nuclear Taboo
I heavily discount Russian threats to deploy nuclear weapons against the U.S. and its allies should the latter intervene militarily in the Russia-Ukraine conflict. That's not to say Vladimir Putin is dishonest or insincere in his threats (just bluffing). His rocket-test saber-rattling rightfully sows fear in countries involved in the conflict.It's more I don't believe nuclear weapons are usable in the current day and age. Nuclear deterrence doctrines are so well-developed it'd be national suicide for a state to launch a first strike against the U.S. (and other nuclear armed states with concomitant deterrence capabilities.) But there's more: Since 1945 it's been, how do you say?, politically incorrect to use nukes. The international moral prohibitions and political consequences of first use of are overwhelming.An entire "peace movement" developed during the Cold War to stigmatize and delegitimize states possessing nuclear weapons --- and protest activism worked as a powerfully constraint on the deployment of strategic capabilities. Popular culture, and especially the 1983 film, "The Day After," bombarded, if you will, the U.S. population with completely real and terrifying images of nuclear holocaust. The endless debates on nuclear war among state leaders, diplomats, and the military sector, severely complicated political decision-making. During the 1950s, when France fought an anti-colonial war in Vietnam, the notion of deploying the bomb horrified President Dwight D. Eisenhower, who exclaimed, "You boys must be crazy. We can’t use those awful things against the Asians for the second time in ten years. My God." Nuclear use is, basically, "racist." Atomic bombs were dropped on Japan --- not Germany --- to bring about the end of World War II. While it was the necessities of wartime planning and strategy that dictated the U.S. decision on when and where to drop the bomb, wartime diplomacy and U.S. peace efforts failed to induce Japan to surrender in 1945. At the time, fear of "Japs" and the "Yellow Peril" conditioned public acceptance of dropping the bomb on the Japanese people. The emperor gave us no choice. Over time there developed a powerful normative prohibition on the use of nukes, known as the "nuclear taboo." This concept is tested by ideational and normative theories of international politics. See, Nina Tennenwald, "Stigmatizing the Bomb: Origins of the Nuclear Taboo":
In 1958 Lt. Gen. James Gavin, a principal promoter in the U.S. military of the development of tactical nuclear weapons, wrote, “Nuclear weapons will become conventional for several reasons, among them cost, effectiveness against enemy weapons, and ease of handling.” Indeed, during the 1950s numerous U.S. leaders fully expected that a nuclear weapon would become “just another weapon.” Secretary of State John Foster Dulles accepted “the ultimate inevitability” that tactical nuclear weapons would gain “conventional” status. Adm. Arthur Radford, chairman of the Joint Chiefs of Staff under President Dwight Eisenhower, predicted in 1956 that the use of nuclear weapons “would become accepted throughout the world just as soon as people could lay their hands upon them.” These leaders were articulating a view with a long tradition in the history of weapons and warfare: a weapon once introduced inevitably comes to be widely accepted as legitimate. In reality, however, nuclear weapons have come to be defined as abhorrent and unacceptable weapons of mass destruction, with a taboo on their use. This taboo is associated with a widespread revulsion toward nuclear weapons and broadly held inhibitions on their use. The opprobrium has come to apply to all nuclear weapons, not just to large bombs or to certain types or uses of nuclear weapons. It has developed to the point that uses of nuclear weapons that were once considered plausible by at least some U.S. decision makers—for example, tactical battlefield uses in limited wars and direct threats to deter enemies from conventional attack—have been severely delegitimized and are practically unthinkable policy options. Thomas Schelling has argued that “the evolution of that status [nuclear taboo] has been as important as the development of nuclear arsenals.” Evidence suggests that the taboo has helped to constrain resort to the use of nuclear weapons since 1945 both by reinforcing deterrence and by inducing restraint even in cases where deterrence did not operate. What gave rise to this taboo? Schelling attributes the taboo to a general sense of revulsion associated with such destructive weapons and the perception that nuclear weapons have come to be viewed as different.6 He does not, however, trace the evolution of this process. Historian John Lewis Gaddis has argued that moral considerations help to explain the nonuse of nuclear weapons by the United States in the first ten years of the Cold War, but he does not specifically connect this sentiment to the development of a taboo. Within the field of international relations, there has been little systematic analysis of the nuclear taboo. Traditional realists, of course, would be skeptical of the existence of a taboo, tending to see it as largely indistinguishable from prudential behavior. To the extent that a tradition of nonuse existed, it would reflect the interests of the most powerful (nuclear) states. Rationalist approaches, which are often sympathetic to norms, could easily incorporate the existence of a taboo. They would emphasize the uniquely destructive nature of nuclear weapons, the impossibility of defense, and therefore the (obvious) of having a social convention on their use. As I show in this article, although there is some truth to these explanations, they are inadequate. The nuclear taboo was pursued in part against the preferences of the United States, which, for the first part of the nuclear era, opposed creation of a taboo because it would deny the self-proclaimed right of the United States to rely on nuclear weapons for its security. I argue for a broader explanation that emphasizes the role of a global antinuclear weapons movement and nonnuclear states, as well as Cold War power politics, in the development of the taboo. The model of norm creation here highlights the role of antinuclear discourse and politics in the creation of the taboo. Although rationalist variables are important, the taboo cannot be explained simply as the straightforward result of rational adaptation to strategic circumstances. The larger questions are: where do global norms come from? How and why do they develop? And how are they maintained, disseminated, and strengthened? The case of the nuclear taboo is important theoretically because it challenges conventional views that international norms, especially in the security area, are created mainly by and for the powerful. The case is important practically because it illuminates an important source of restraint on the use of nuclear weapons. In this article I locate the origins of the nuclear taboo after 1945 in a set of domestic and international factors and trace its subsequent development. Elsewhere I have analyzed how the taboo has influenced U.S. decision making in specific instances, but here I focus on what accounts for the rise of the taboo and how it developed in global politics and U.S. policy. Ideally, a full account require an examination of how the taboo came to be accepted and internalized in the decision making of other countries as well. The central role of the United States in the development of the taboo, however, makes it a particularly significant case...
Friday, March 11, 2022
Unipolarity Is Not Over
Folks have been arguing that the American era of superpower primacy is over. Starting with the collapse of the Soviet Union at the end of the Cold War, we've had a good run. Things have changed over the last 30 years, and China's now a top peer competitor about to knock the American hegemon off the its pedestal of global preponderance. We're Great Britain after 1914.
Actually, no.
I mean, in just this last three weeks, the stunning American response to Russia's invasion of Ukraine should be ample indication of how powerful the U.S. remains in literally all aspects of global power and international interactions. The tremendous, crushing U.S. leadership of global financial markets, the international monetary regime --- and NATO in the military arena --- should give hostile nations pause. While sanctions don't always work, events have shown the breathtaking and devastating ability of the U.S. to lead allied states around the world to literally remove a threatening global state actor from the civilization of nations.
It's near certain that Vladymir Putin will never back down in Ukraine, much less negotiate (in good faith) a ceasefire culminating in a new Russian modus vivendi. What we do know is with the exception of owning the world's largest nuclear arsenal, it's patently clear that Russia lacks the ability to wage a dominant regional war at the periphery of its sovereign authority, much less a continent-wide war against at least 30 democracies organized into the most powerful military alliance in world history.
And you can bet your sweet bippy the Chinese are watching events in Ukraine extremely closely, perhaps regretting the deal Chairman Xi entered into at the Winter Games last month sealing a new strategic partnership with Moscow. Indeed, Beijing's now distancing itself from Putin and the Russians, lest China be pulled into an even more antagonist relationship with the United States. It's been a heady start to 2022.
The literature of internationalist relations theory sheds some light on the current distribution of capabilities. Professors Stephen G. Brooks and William C. Wohlforth have published a number of papers (here and here, for example) throwing cold water on claims that China is overtaking the U.S. in global competition. More recently scholars Hal Brands and Michael Beckley have made the case for "The End of China’s Rise." While no doubt structural change is afoot in world politics, it's still much too early to declare the arrival of a multipolar order that hearkens back to the the "twenty years crisis" before the outbreak of World War II.
Lots of folks will obviously disagree, but I'm bullish on America. I don't believe the U.S. and China are destined for war.
I write all of this in response to young whippersnapper Josh Hammer's claim, at the American Spectator that, "With the rise of China and the return of great-power competition, that unipolar era is, for all intents and purposes, now over."
I don't know?
China has two aircraft carriers, one it acquired, ironically, from Ukraine in 2012 and declared ready for combat operations just three years ago. Beijing is decades away from deploying a true blue-water navy capable of challenging the United States Navy on the open seas. We currently deploy 11 aircraft carriers, and the new Gerald R. Ford-class carrier is set to replace the Navy's current Nimitz-class carriers on a one-to-one basis over the next few decades. The USS Gerald R. Ford, the first next generation carrier delivered to the Pentagon, was commissioned in 2017.
Ten Ford-class carriers are expected to be deployed over the next few decades. The United States can do this --- build the world's largest and most advanced naval warships in world history --- while spending just 3.2 percent of GDP on defense spending. In World War II, U.S. defense spending as a proportion of GDP was 40 percent, and 6 percent during Reagan administration's awesome defense build up in the 1980s. It's nothing, to the great consternation of our enemies.
The U.S. still retains the world's largest military overall, but we've not been in something like a Cold War posture for 30 years. We lose small wars in place like Mogadishu, and U.S. democracy promotion by force proved bankrupt on the shoals of American intervention in Afghanistan and Iraq. But the U.S. still holds the command of the commons, though it will take wise and judicious leadership to maintain America's world strategic edge.
Fact is, the U.S. actually needs more carriers than it currently deploys, if it hopes to deter Chinese naval power in the West Pacific. While nowhere near as sophisticated as U.S. naval forces, China now boasts the largest navy in the world.
As noted at the Amazon page for Tom Clancy'a 1999 book, Carrier: A Guided Tour of an Aircraft Carrier, these ships "are floating cities with crews of thousands. They are the linchpins of any military strategy, for they provide what has become the key to every battle fought since World War I: air superiority. The mere presence of a U.S. naval carrier in a region is an automatic display of strength that sends a message no potential enemy can ignore."
There's much more to be said of the likely and long continuance of U.S. dominance in world politics, on a number of measures. But current financial sanctions against Russia demonstrate the sheer scale of U.S. power in the world economy, and American naval capabilities and technological sophistication won't likely be matched by peer competitor this century.
While this is a very rudimentary, preliminary analysis of the problem, when you hear some cocksure folks telling you our days as the world's Leviathan are over, you might take it with a grain of salt.
Roman Abramovich, Russian Oligarch, Hit by Sanctions
This guy's getting slammed
Chelsea's a diamond on the football world and the team plays in the Premier League, the top division in England.
This is from yesterday at WSJ, "Russian Billionaire Roman Abramovich, Owner of Chelsea Soccer Club, Is Sanctioned by U.K."
And from this evening, "Roman Abramovich U.S. Hedge Fund Investments Are Frozen":
Hedge funds told to freeze Russian oligarch’s assets after he was sanctioned by the British government. A number of U.S. hedge-fund firms that have investments from Russian oligarch Roman Abramovich have been told to freeze his assets after he was sanctioned by the British government Thursday, according to people familiar with the instructions. A message from fund administrator SS&C Globe Op to one firm said, “Currently accounts attributed to Roman Abramovich are blocked from transacting, as such any distributions, redemptions or payment cannot be made and no subscriptions or contributions can be accepted.” SS&C, whose clients include hedge funds and other investment managers, said in the message it was monitoring the situation for guidance from the U.K. Treasury, the Office of Financial Sanctions Implementation and the Cayman Islands Monetary Authority. Other funds have received similar messages, according to people familiar with the matter. The guidance likely puts a stop to recent efforts by Mr. Abramovich to sell his interests in a slew of hedge funds, said people familiar with the matter. Mr. Abramovich, who for years has accessed hedge-fund investments through New York-based adviser Concord Management, had been trying to sell interests in funds including those managed by Empyrean Capital Partners in Los Angeles and Millstreet Capital Management in Boston, the people said. Mr. Abramovich had been seeking to sell the funds on the secondary market since at least late February, the people said. For at least some of the funds, the investor is Concord, with Mr. Abramovich or entities connected with him being the underlying investor, said people familiar with the matter. People familiar with the matter said Concord was a small investor in Millstreet. Mr. Abramovich also is invested through Concord in hedge funds including Millennium Management, Sarissa Capital Management and Sculptor Capital Management, SCU -2.09% formerly known as Och-Ziff Capital Management, said people familiar with the matter. It couldn’t be determined Friday if he had tried to sell his interests in those funds as well. Mr. Abramovich’s hedge-fund portfolio includes investments in many small funds betting on and against stocks, one person briefed on the matter said. A spokeswoman for Mr. Abramovich didn’t respond to requests for comment. Concord didn’t respond to a request for comment. The New York Times earlier reported Mr. Abramovich’s ties to Concord. The U.K. on Thursday froze Mr. Abramovich’s assets and prevented him from doing any business in the country or selling assets including soccer club Chelsea F.C. While managers in the past welcomed Concord’s money—the firm has a reputation for being a thoughtful, long-term investor in the hedge-fund industry–the relationship is proving delicate following Russia’s invasion of Ukraine and the cascade of sanctions it triggered. Managers would have welcomed a sale as a way to distance themselves from a sanctioned oligarch, and some had been thinking about forcibly redeeming Mr. Abramovich from their funds, said people familiar with the matter. One manager had been considering the possibility of replacing Mr. Abramovich with other investors, another person familiar with the matter said...
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