STUART VARNEY: Russia has invaded Ukraine. And here are the consequences:
Your 401(k) has taken another big hit. As the market sells off. The pension money of around 100 million people is threatened.
You will soon be paying more at the pump and at the grocery store.
As the price of oil hits $100 a barrel, energy price inflation kicks in, and when energy goes up, everything goes up.
That’s the financial fallout. Everyone pays more.
Politics: What degree of blame attaches to President Biden?
I would argue that Biden’s energy policy, right from day one, gave Putin opportunity and leverage.
We lowered production, and canceled pipelines.
Russia raised production and built pipelines.
And then came the disastrous exit from Afghanistan which made America look weak. What will our president do?
Impose sanctions, yes, but that has not deterred the Russians so far. China is watching.
The Iranians are watching, and so are the Europeans.
Our enemies are emboldened. Our allies uncertain.
Biden is now a wartime president.
The eyes of the world are on him.