Just before lunch on Friday, I took a couple of minutes to reflect on Thursday night’s session on defense. As a part of that session Camp Kotok guests heard from three Ukrainians, one a military veteran, about what Putin is doing in Ukraine, from propaganda to barbaric war crimes. Those reports must shape our understanding of who Putin is and what he represents on the geopolitical scene. Parts of this discussion will be made publicly available later, but here’s a quick take from me:

Doing the Twist
These are the moves: More short-term T-bills. Shorten US Treasury debt maturity. Try to force interest rates lower.


