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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Ceremonial soldiers parade during the 79th anniversary of the Victory Day in Red Square in Moscow, Russia, on May 9, 2024. (Sefa Karacan via Getty Images)