Putin is having his Bush Goes to Baghdad moment. Whether this is shock and awe to break off those breakaway regions or a prelude to a Ukraine-wide military occupation, it both amounts to the same thing: thousands dead and the weakness of the Russian state exposed (counter-intuitively) by it's massive violent demonstration.
I remember Stan Goff making this point in late 2004 (can't dig up the old Counterpunch/Beast article, may only be on Wayback now). That the US invading Iraq in 2003 was because they couldn't bring any other measures to bear, that US hegemony had already degraded to the point that soft power didn't work. Short-term, the US military defeated the Iraqi military but then a decade of occupation only managed to produce a corrupt government-in-name-only and the Islamic State.
That's the Russo-Ukraine War trajectory. Swift Russian tactical victory followed by long, grinding decline. It's already a domestically unpopular operation (which will probably fluctuate back and forth, people can forgive any atrocity if it achieves "victory") and has now effectively shut Russia out of the global economy with the all but stated death of Nord Stream 2. Now, the US faced a huge backlash for the Iraq adventure but the US in 2003 was also at it's hyperpower peak. Russia today has been under 8 years of Crimea sanctions and last I checked has a negative birth rate. Holding the threat of invasion was getting dialogue with the US and EU but now that's done. In trying to make Russia great again, Putin just set them on the path to being North Korea.
Anatol Lieven has been one of the war skeptics to still honestly assess what a war might be like. And he doesn't mince words:
The European Union would impose greatly intensified sanctions that would do vast damage to an already troubled Russian economy; the Nord Stream gas pipeline would be abandoned; Russia would be forced into almost complete dependence on China; parts of the Ukrainian army would fight very hard, and might inflict heavy Russian casualties; and if it occupies large new territories, Russia would face the challenge of ruling not the pro-Russian populations of the Donbas and Crimea, but significant numbers of infuriated and rebellious Ukrainians.
That the Siloviki running the Kremlin would take a look at all of this and decide Operation Ukrainian Freedom is better than it's coy brinksmanship of the past year is testament to Neocon-level idiot hubris, an air of desperation over maintaining their own power domestically, or likely both.
And, living on a different continent, this would all be so much background noise - the usual misery of the universe - if not for all the Acela corridor ghouls now salivating to arm Ukraine. Maybe that's why I'm rambling all over the place, because waking up to "War's on," in the one country that sabre-rattles the most at Russia, calling this "Our Sudetenland!" while forgetting Our Haditha means living in the crossfire of two sclerotic oligarchies, always threatening to sock each other in the goshdarn teeth while the ice caps continue melting.
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