The Age of Magic Money
Can Endless Spending Prevent Economic Calamity?
Has Russia won the war in Ukraine? Late last week in Minsk, negotiators representing Ukraine, the separatist forces, and Russia agreed to a ceasefire that also calls for a release of prisoners and joint patrols of the border. The parties also made a vague agreement to work toward a political settlement. If this deal holds -- plenty of earlier ceasefires have fallen apart as soon as they were signed -- then the active phase of fighting in eastern Ukraine will have come to end on terms favorable to Russian President Vladimir Putin. Ukrainian forces will stop their five-month-long effort to defeat rebel fighters in the Donbas, giving rise to a de facto pro-Russian breakaway statelet and a situation that will, by definition, be murky and unstable.
Whether the rebel-held regions of the Donbas become another Republika Srpska (a state within a state that weighs on decision-making in the capital) or