As the transatlantic alliance unravels before our eyes, the ups and downs (mostly ups) in markets give the impression investors are humming a tune: “It’s the end of the world as we know it, and I feel fine.”
Matters of war and peace have, of course, dominated the week’s news. Donald Trump and his administration have picked a side in the conflict in Ukraine, and to the astonishment of Europe, it is Russia’s.
Trump’s assertions that Ukraine is at fault for Russia’s invasion and that its president, Volodymyr Zelenskyy, is a dictator, mark a shocking nadir for the postwar order. The alliances that have sought to keep the peace for decades are at best disrupted and deeply damaged.
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