Walter Russell Mead takes stock of the post-election landscape:
'The eclipse of the US project (based on NATO expansion that is no longer realistic) and the EU project (based on expansion) leaves the Russian project of re-integrating the Soviet space looking better, and there is hope in Moscow and fear elsewhere that the Empire of the Czars is once more on the march. Itâ??s more of a lurch than a march; even with its oil and gas wealth, Russia isnâ??t rich enough to build a new empire where the czars and the commissars ruled. Russiaâ??s influence in Ukraine will surely grow now, more because of commercial relations and deals as because of geopolitical power. But even if EU membership is a long way away, Europe is a much more attractive market than Russia and Ukraineâ??s new government is not going to give up the hope that trade with Europe can promote Ukraineâ??s recovery and growth.And, from a US standpoint, there is not much that Russia can do in Ukraine that seriously threatens American security or vital interests. A Russian military takeover of all or part of Ukraine (Crimea is the most likely target) would not threaten the balance of power in Europe and, by forcefully reminding countries like Poland how much they need that NATO umbrella, would probably drive Europe as a whole toward a closer relationship with the US. Despite its new feistiness under Putin, Russia remains a country in decline. Itâ??s population is declining; itâ??s economy isnâ??t gaining ground; and its relative position compared to the Chinese superpower in the east is getting dramatically worse. In the next few years Russia is much more likely to be worried about growing Chinese influence in Central Asia and the continuing Islamic insurgencies in the Caucasus than it will be busy plotting the entrance of its tanks into Kiev.
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I think Mead identifies the important point, which is that we need to distinguish between Russian actions that we disapprove of (exerting influence beyond her borders) and Russian actions which pose a real threat to the security or economic well being of the United States. One of the dangers with the pursuit of global (or even just Eurasian) hegemony is that it is impossible for many people to actually make such a distinction, with the end result being that anything that offends our sensibilities is a wrong we must address or suffer a devastating loss of face.