General Mark Milley, chairman of the US’ joint chiefs of staff, said in February 2023 that Russia has already lost ‘strategically, operationally and tactically’. The war in Ukraine is in the US seen as 'a remarkably cost-effective way to degrade Russia’s military capabilities without risking a single (American) life'. So then everything is going according to plan. Or is it?

The Russian economy has apparently resisted the ‘sanctions from hell’ which were supposed to lead to an economic collapse. This has left a lot of economists and politicians perplexed. But it is no mystery. Sanctions hurt, but they also create opportunities, particularly in big and relatively advanced countries as Russia. The reason it is so difficult for many economists to understand is that they have enclosed themselves in a narrow neoliberal universe. What is happening in Russia has an important message for developing countries.

The loss of lives of soldiers in the Ukraine war is horrific. We don’t know how many are dying, but nobody doubts the number is terrifying high. A recent study gives us a glimpse of what is going on. It shows that 63% of the Ukrainians respond that they have at least one close relative or friend who died, 78% if we include the injured. This is insane. The US, NATO and EU say this should continue for “as long as it takes”. Do they have a good reason for letting this bloodbath continue?

Most of the European and North American left considers itself as guardians of universal rights and values. They are campaigning for sanctions and – if needed – military intervention against countries or “regimes” that are not living up to these universal standards, and they expect their governments, the US, EU and NATO to carry out the necessary punitive measures to enforce the standards. They haven’t noted that this is no longer possible. It is imperial overreach.

The present international financial system centred around the US dollar is under pressure from several factors: the use of the dollar to punish other countries, the inflation in the US, the increasing US indebtedness, and the appearance of digital currencies and their potential for making international payments much faster and cheaper without using the dollar. The future is probably a fragmented and regionalised international financial system and a much reduced role of the dollar. But can it work?