Middleboro Review 2: RSN: FOCUS: Paul Krugman | How the Putin Shock Might Affect the World Economy

Friday, March 11, 2022

RSN: FOCUS: Paul Krugman | How the Putin Shock Might Affect the World Economy

11 March 22

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FOCUS: Paul Krugman | How the Putin Shock Might Affect the World Economy
Paul Krugman, The New York Times
Krugman writes: "When Vladimir Putin invaded Ukraine, I think it's fair to say that most observers expected him to get away with it."

When Vladimir Putin invaded Ukraine, I think it’s fair to say that most observers expected him to get away with it. Surely Russia’s huge military would take Kyiv and other major cities within a few days; surely the West would respond with its usual timidity, giving Russia no more than a minor slap on the wrist.

Instead, here we are, 13 days in, with Kyiv and Kharkiv still standing and invading forces bogged down by fierce Ukrainian resistance (helped by a rapid influx of Western weapons) and disastrous logistical problems. At the same time, Western sanctions on the Russian economy are clearly already having severe effects and may get even stronger.

Obviously all this could change: Russian forces could regroup and resume the offensive; weak-kneed Western governments could start lifting sanctions. For now, however, Putin is facing far worse consequences than he could have imagined.

Special Coverage: Ukraine, A Historic Resistance