The Russian - Ukraine War Is Already A Global Economic 'Game Changer'

 

Washington Post: Russia's Ukraine invasion could be a global economic 'game changer' 

WASHINGTON - Russia's invasion of Ukraine and the financial reckoning imposed on Moscow in response are proof that the triumphant globalization campaign that began more than 30 years ago has reached a dead end. 

Fallout from the fighting in Ukraine will take a meaningful bite out of the global economic recovery this year, with the greatest impact in Europe, economists said. A spike in oil prices to more than $110 per barrel and renewed supply chain disruptions - including fresh headaches for the auto industry - also are likely to aggravate U.S. inflation, already at a 40-year high. 

But the war's long-term consequences could be more profound. Even before Russian President Vladimir Putin sent tanks and missiles hurtling toward Ukraine, years of deteriorating U.S.-China relations and failed global trade talks had stalled the tighter integration of finance and trade flows that had been anticipated during globalization's heyday.  

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WNU Editor: The global economic impact is being felt right now .... Oil Prices Settle At $120 As Fears Of A Russian Crude Ban Remain (OilPrice.com). More here .... Russian war in world’s ‘breadbasket’ threatens food supply (AP).

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