On The War's Third Anniversary, The US Voted Against A UN Resolution Blaming Russia For Starting It
A kind request to Bloomberg and other global assemblers of the weekly data calendars around which so many in markets still pivot: can we please get a geopolitical addition rather than just the numbers and the option of the warbling of endless central bankers? Right now, what political leaders say, especially when they meet, matters far more for markets than a run of the mill number or “jazz hands, yada yada yada” from an expert on monetary policy.
Yesterday, on its third anniversary, the US voted against a resolution at the UN blaming Russia for starting the Ukraine War. Obviously, that’s a slap in the face for Ukraine and Europe, who in the latest White House foreign policy pivot have been left clinging to the fuselage of a departing Airforce One like Afghanis on the runway at Bagram Airbase.
Turkey backed Ukraine’s NATO membership. That’s a very powerful lever behind that cause, but Europe keeps failing to find the second-largest military power in NATO on a map or in any of its discussions.
Moreover, the US is reportedly close to an economic deal with Ukraine which will guarantee it as “free, sovereign, and secure.” This can be seen as predatory from the US side. It’s also the inverse of the ‘invade, then throw hundreds of billions at a country while failing to generate any profit from its resources, then get kicked out’ strategy employed in Afghanistan. It at least appears to cement US economic interests in keeping Ukraine viable despite apparent Russian appetites.
Next German Chancellor Merz, who stated, "Europe may need its own military alliance instead of NATO,” is discussing using the outgoing Bundestag to change the constitution to lift the country’s debt brake, unleashing €200bn in extra defence spending - which would cover a year of two of what would be needed. All Germany, and Europe, would then need to do would be to find the resources to match, including up to 300,000 young men and women prepared to serve at a time when there are fewer and fewer of them, and opinion polls show even fewer patriotic ones.
The US is reportedly considering merging its Pentagon Africa Command into Europe, effectively showing it no longer has the same global focus. For those who haven’t noticed, Africa is right next to Europe, not the Americas. That said, some areas far from it remain key.
US sanctions are back on vs. Iran’s shadow fleet, and this time they mean to enforce them vigorously: thus, the need for more Russian oil(?)
In geoeconomics, there was more will-he-won’t-he news on US Canada and Mexico tariffs: Trump said they are proceeding at 25% from 4 March as a US official said talks are ongoing, and Mexico said it’s studying new China tariffs. Reciprocal US tariffs begin early April regardless, for Canada, Mexico, Europe, and everyone, it seems.
https://www.zerohedge.com/geopolitical/wars-third-anniversary-us-voted-against-un-resolution-blaming-russia-starting-it