The White House is denying reports that President Biden warned Ukrainian President Zelensky that Kiev could be sacked by Russian forces, but the language used by the President matches the reports. The situation is escalating, and the US has lost diplomatic leverage due to the shutdown of the Keystone pipeline and the approval of the Nord Stream pipeline. The Biden administration is scrambling to establish deterrence, but it's too little, too late. The situation has global implications, including the potential for war in Europe, energy price increases, and broader inflation.
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