2025-11-03
8 分钟The Economist.
Hi, this is Charlotte Howard, one of the hosts of Checks and Balance, our US podcast.
Welcome to Editor's Picks.
Here's an article we recommend from the latest edition of The Economist.
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Wars of thought on the battlefield but they are also trials of financial strength.
In prolonged conflicts,
the ability and will to marshal resources and find new ways of raising cash are critical in determining who wins.
Sometimes they are the decisive factor.
That truth is about to become all too real for Europe.
Ukraine is facing a savage cash crunch.
Unless something changes, it will run out of money at the end of February.
This cliff edge is fast approaching now that President Donald Trump has cut America's financial support for Ukraine,
hopes of a ceasefire fade,
and Russian drones smash Ukraine's energy grid in an attempt to break its will.
Indebted, fractious Europe needs to find the money to keep Ukraine in the fight,
but it would be a terrible mistake to see this cash call as merely a painful exercise in annual budgeting.
Instead,
it is a historic opportunity to shift the balance of power between Europe and Russia by exposing the Kremlin's financial frailty and altering Vladimir Putin's calculus about war and peace.
It is also a chance to speed up Europe's efforts to establish its military and financial independence from America.