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Ukrainiana

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Ukraine heated up this weekend when Russian troops invaded Crimea and backed the unrecognized Prime Minister Sergey Aksyonov, who has declared the province is now independent from Ukraine.  The situation essentially pits all of Europe against Russia, with the Ukrainian people caught in the middle.  It feels like the way something like World War III might start for good reasons.

Russia cannot let Ukraine go over to the West for many reasons and has been playing every card in their deck.  This situation started on 21 November when Ukrainian President Yanukovych backed out of a deal to join a European Union “Eastern Partnership” under Russian pressure.  Russia then sent a $15B emergency loan to Ukraine, more or less paying Ukraine to be their friend.   The people of Ukraine rose in protest, eventually ousting Yanukovych and declaring an interim government with limited legitimacy.

There is a lot of background necessary to understand this from a Ukrainian, Russian, and European Union perspective.  Much of this is unfinished business from the breakup of the Soviet Union in 1991, but the tortured history goes back much further.

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Exit the Eurocrisis – Slowly

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Now that the Eurozone Crisis is over, we can all breathe a little easier. Right? While it’s good to not be loping along from one crisis to the next, the aftermath of the flood that lasted from 2008-2012 in drips and drops is still being mopped up. The hits are just being absorbed by the banks and growth is going to be sub-par through 2014, meaning that the lingering unemployment problem is not going away.

There are two parts left to this clean-up – what comes next and what can we learn? They are both important and will dominate 2014 in Europe and the developed world.

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Meanwhile …

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A continuing resolution which re-opens the federal government was passed along with a debt ceiling increase that keeps everything hummin’ along until February. It’s good news, at least until the next manufactured crisis comes. We can’t be sure what kind of economic damaged was done in the 16 day shutdown until … well, until the workers in the government that tabulate this stuff get back to work.

So what stories have we missed during the obsession over the limits? Quite a few, actually. Here’s a rundown of some of the interesting stories that were easily lost over the last two weeks.

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While Europe Burns

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It’s been a long time since I wrote about Europe.  How many ways can a humble blogger say, “Nothing has really changed”?  Nothing has.  Currency union has turned into a straightjacket of austerity and the European Union is plunging into a deep recession.  The only true news has been a day of protest across Europe, fueled in part by the now 25% unemployment rate in Spain and other nations.  It has become a full meltdown.

But so far, no banks have failed.  Isn’t that wonderful?

There are several potential problems for the US as this continues, but the most important is its effect on our trade.  Yet, for all the trouble in Europe, it may not affect us at all.  Can Europe burn while the US stands by?  The short answer is sure, why not.  Here’s why:

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