17: Russian Sanctions. Weaponised Economics In 75 Seconds
Russian sanctions in 75 seconds. Vladimir Putin invades the Ukraine in Europe's biggest military operations since World War 2. Just about every country in the world, except China, unite in their outrage. Putin calls their bluff by saying he’ll nuke anyone who gets in his way. No one wants World War 3, but they're also not going to let Putin get away with the invasion. So economists take the place of generals. The economists implement financial and trade sanctions that will cripple Russia as good as if you bombed it, but without the battlefield casualties. But the sanctions come with big costs for the rest of the world because Russia supplies the world with a lot of commodities it needs. These sanctions will cause inflation across all the goods we buy, a possible recession causing job losses, even energy shortages in Europe causing people to go without heating. The question is how long will democracies suffer this collateral damage to stop Putin? Can economics vanquished invading armies as effectively as the machinery of war. If you want the full story on the world's economic warfare against Russia, please join me, Ross MacDowell. When I discuss Russian Sanctions, weaponised economics, with Steven Hamilton Associate Professor Of Economics at the George Washington University on the Burgernomics podcast.
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