By the time you're done your morning coffee today, you'll likely conclude that the geopolitical risk factors affecting markets have been stepped up a notch. The Israeli/Iran threat is the obvious one, but how many people are watching this Russian/Chinese alliance?
Putin's Russia joined arms with China vetoing a UN Security Council proposition to impose sanctions on Zimbabwe's Mugabe.
The US and the UK are lashing out against this move this weekend, and they should.
The higher energy prices go, the more amplified Putin's geopolitical power becomes.
Don't think for one minute that the Russians have enjoyed being subservient to US rhetoric for the past 20 years. That was approximately the length of the bull market in US stocks too. When everyone is making money, a lot of risks can get swept under the rug - when people stop making money is when you realize they are still there.
It is global this time, indeed.