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How The Fed Hides Costs Of War

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On February 24, 2022, Vladimir Putin ordered the Russian military to initiate a full-scale invasion of Ukraine. The Russian people, outside of a few thousand brave and quickly-punished protestors, had no way to prevent their government from going to war. It was the decision of a dictator.

Because there are no structural domestic checks and balances on Putin’s power, he was able to unilaterally push forward with an invasion that seems deeply unpopular with the Russian public. Within a few short hours, his decision detonated one-third of the Russian stock market, tanked the ruble to record lows and evaporated the value of Russian bonds, sending some to zero. Some of the harshest sanctions in history have now been set in place against Moscow, preventing its banks from settling in dollars. Virtually all Russians — whether they are on the frontlines or back home — will suffer as a result of Putin’s decision.





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