Europe at the Crossroads

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Bloomberg Economics estimates that the cost of a war between NATO and the Russian Federation resulting from direct destruction in the warzone, higher energy prices as oil supplies reduced, and expected selloff in financial markets could cut global output by 1.3% or USD$1.5 trillion in the first year of the conflict. This is just one incentive to avoid war quite apart from the massive loss of life. However the signs of an escalation are everywhere; what will the belligerents choose? See…