First half of today’s show discusses Ukraine’s offensive into Russia. What are Ukraine’s possible objectives? Initial successful tactics. Why did Russia not see it coming? Russia’s response to date and consequences for efforts to start negotiations. What’s the condition of the US real economy. Growing concern early phase of recession, as the goods sector of the economy weakens: unemployment rising, real retail sales contracting, PMI manufacturing continues 8th month of decline, net exports deeply negative, and construction turning down again. Explanations of actual GDP, inflation, jobs data. Investors call for emergency Fed rate cuts before Sept. Why the Fed won’t. How the tech bubble and Japan’s carry trade are interrelated