What might be the economic impact of the war in Ukraine—On Russia, Europe, and the US as well? Dr. Rasmus discusses the immediate short term economic effects of the past two days of the War. Further consideration and discussion follows on the more intermediate and long term likely impacts in inflation, output, stagflation, financial asset markets, currency exchange rates, and global goods and money flows (exports-imports).  An analysis and prediction of the possible minimal effects of US and EU sanctions on Russia, including the suspension of the Russian-German Nordstream 2 natural gas pipeline.  Why Biden’s sanctions are full of holes. Why the US has exempted the SWIFT international payments system from the sanctions and why the economic fallout of the war and sanctions will hit Europe harder. What are the implications for global real economic recovery from Covid now underway: will the War thwart and dampen that recovery? The show concludes with comments on some of the fundamental changes in the global economy that the Ukraine war may generate.