Just over a week ago, Joe Biden acted like Joe Biden and called the Russian campaign in Ukraine a “genocide” — leaping ahead of our major allies, our State Department and the available facts. The comment prompted head-shaking from people nervous about American escalation and praise from people seeking it (notably, the president of Ukraine). I am generally on the side of the nervous people: In a conflict with a nuclear power there is always an interest in reducing the existential stakes, and accusations of genocide should be made only…
Day: April 23, 2022
It’s Not Just High Oil Prices. It’s a Full-Blown Energy Crisis.
Look to the Mediterranean, for an example. Europe’s decoupling from Russia will intensify the geopolitical tensions over gas around the sea. In the eastern Mediterranean, Turkey resents its exclusion from energy projects and has been increasingly confrontational in asserting its interests. When Turkey struck a deal with Libya in November 2019 to claim new maritime economic boundaries for itself in the eastern Mediterranean, European Union leaders denounced the agreement as a violation of Greek and Cypriot sovereignty and incompatible with United Nations law. Now the route for a pipeline to…
The world’s engines are spluttering: IMF points to deeper problems beyond 2022
The International Monetary Fund’s revised World Economic Outlook is sobering. It is rare for the organisation to revise down sharply its projections for economic growth only one quarter into the calendar year. Yet in this case, it has done so for 86% of its 190 member countries, resulting in a decline of almost one percentage point in global growth for 2022 – from 4.4% to 3.6%. Moreover, this forecast is accompanied by a significant increase in projected inflation, and all this bad news is packaged in a wrapping of deeper…
Fast, precise, too tough? Lockdowns risk stalling China’s economy
Veteran lorry driver Meng Hong has become an unlikely social media star in recent weeks. Since March, his short video talks about life on the road during Covid outbreaks on Douyin, the Chinese version of TikTok, have won him millions of likes. Most of Meng’s videos had been about “spreading positive energy” as he wrote in his account description. But on 13 April, he began to complain about what happened when drivers transported goods to Shanghai. “After we have delivered food, we were quarantined [after we left] or locked down…