Fortunately for Congress, the President, and the Federal Reserve, the Ukraine-Russia conflict is replacing COVID as a ready-made excuse for their failures and a justification for expanding their power.

Even before politicians began declaring the end of the pandemic, polls showed that rising prices were the people's top concern - particularly the increase in gas prices. Since Russia is one of the world's leading energy producers, sanctions imposed on Russia, as well as Germany's decision (made under pressure from the US) to shut down the Nord Stream 2 pipeline, provide a convenient excuse for rising gas prices. This is the case even though the US, citing the "instability" in world energy markets created by the Russian-Ukraine conflict, has yet to officially ban imports of Russian oil.

The Federal Reserve has been planning several interest rate increases this year, even though some fear that rate increases could decrease growth and increase unemployment. The Russian crisis allows the Fed to either postpone rate increases or blame Russia for any unemployment that accompanies the rate increases. Either way, the Fed can use the crisis to deflect attention away from its responsibility for our economic problems. As of now, it appears the Fed will go through with at least a modest rate increase this month, but because of the Ukraine crisis, the increase will be smaller than previously expected.