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Stay the course and Europe it's a moot point. Europe will not survive to 2026. Here's a thought. Stop sending weapons to Ukraine. Propaganda aside, they're not going to win this war. Sending weapons merely prolongs the suffering on all sides. Stand up for your own people and the Ukrainian people (and yes, the Russian people too) and broker a peace agreement. This isn't hard at all.

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Great article that highlights the fact that eventually even the largest economies in the fiat ecosystem may have to make very hard choices. Something does not appear to be embedded in equity prices.

Thanks for the terrific post!

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