On What Really Matters, Walter Russell Mead discusses the possibility of a recession, the new Chinese railway in Africa, and how Donald Trump’s approach to Vladimir Putin compares with Franklin D. Roosevelt’s to Joseph Stalin and Richard Nixon’s to Leonid Brezhnev.

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Defense Secretary Pete Hegseth greets Supreme Allied Commander Europe General Christopher Cavoli before the North Atlantic Council meeting of defense ministers on February 13, 2025, in Brussels, Belgium. (Omar Havana via Getty Images)