I was sent this note (from "the Plumber") by Michael Cembalest at JP Morgan. A VERY good analysis of Russia. Take the time to think through the last graph from Putin's perspective. Our carrier forces don't mean much on the Steppes. And the rest is in the wrong places.

And as I write this, I see on the cover of The Economist the headline "What Would America Fight For?"

Good question... Do you have an answer? I am getting asked that a lot as I travel around, especially here in Amsterdam. Always in private and hushed tones, of course.