Boast..

 

President Joe Biden’s administration faces a double disaster after its Ukraine miscalculation, namely a US recession and a second strategic humiliation in the space of a year.

The US economy is almost certainly in recession, while oil prices drive inflation that has cut workers’ real pay by about 6% year on year.

Washington’s earlier boasts of driving Russian President Vladimir Putin from power, destroying Russia’s capacity to make war and halving the size of the Russian economy look ridiculous in retrospect.

Russia meanwhile earned a record €93 billion (US$97 billion) from energy exports during the first 100 days of the war, a Finnish study concluded. 

China and India, which refused to join Group of Seven sanctions against Russia, reportedly are buying oil at a discount of $30 to $40 per barrel, while American and European consumers are paying the full price $120 if they can find it.   

Just a thought.