No sane American is eager for a hot war between the United States and its allies and Russia over a potentially imminent invasion of Ukraine by Vladimir Putin’s forces. Yet even as President Joe Biden talks up the prospect of imposing debilitating economic sanctions, he rushes additional arms to the Ukrainians and weighs deploying thousands of troops to send a signal to the troops amassed on the border of the former Soviet republic. Sanctions, even sanctions on steroids as Biden has promised, are an imperfect answer to Russian aggression; the current standoff is proof enough that the fiscal pun…

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