Bill Clinton, one of only two incumbents to serve two terms as president of the world’s sole unchallenged superpower, liked to dismiss foreign affairs with the catchphrase “It’s the economy, stupid.” It won him the presidency in 1992 against George H.W. Bush, who promised not to raise taxes, then did, wiping out the prestige he had won by presiding over the collapse of the Soviet Union and leading a coalition to drive Saddam Hussein out of oil-rich Kuwait in the First Gulf War.

No one imagines that the Russian invasion of Ukraine is all about the economy – Russia’s or Ukraine’s. More surely it is about history and geography. US political realists say it is all about NATO, and it’s America’s fault. Clinton, however, did not foresee this when in 1999 he sponsored NATO’s admission of three members of the former Warsaw Pact – Czechs, Poles and Hungarians. He still says the NATO excuse for the Russian invasion of Ukraine is “bullshit.” 

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