Good News For FTX Customers: The Bahamas Seized $3.5 billion in Assets

TheStreet 

The Securities Commission of The Bahamas says it is holding these assets pending transfer to clients and creditors.

This is news that will no doubt please the customers and creditors of Sam Bankman-Fried’s crypto empire. 

The authorities of the Bahamas, where the disgraced former emperor of the crypto space lived and where FTX was headquartered, have just announced that they have seized significant assets from the bankrupt cryptocurrency exchange.

The Securities Commission of The Bahamas says it seized these assets as soon as Bankman-Fried, known by the initials SBF in the crypto industry, filed for Chapter 11 bankruptcy for his empire on November 11.

The regulator explains having seized the assets of FTX for security reasons so that they do not disappear mysteriously. 

Based on information provided by Sam Bankman-Fried to the regulator concerning the cyberattacks that took place on the systems of FTX, “the Commission determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of FTXDM to the prejudice of its customers and creditors,” the authority said in a press release.

$3.5 Billion

“As a result, in the exercise of its regulatory powers, the Commission requested and obtained a Court order to safeguard the digital assets owned by or under the custody or control of FTXDM or its principals by transferring them to secure digital wallets under the exclusive control the Commission.”

On 12 November, the regulator said it, therefore, took the action of directing the transfer of all digital assets of under the custody or control of FTX valued at more than US$3.5 billion, based on market pricing at the time of transfer, to digital wallets controlled by the Commission for safekeeping. 

“The digital assets transferred on 12 November 2022 to digital wallets under the exclusive control the Commission are being held by the Commission on a temporary basis, until such time as The Bahamas,” the regulator says.

It added that: “Supreme Court directs the Commission to deliver them to the customers and creditors who own them.”

The regulator, however, warned that “while certain token protocols may require the burning of old tokens and the simultaneous minting of new replacement tokens to effect transfer, in no case, did the process involve the creation of any additional tokens.”

The Bahamian regulator’s announcements are good for FTX’s customers and creditors, but it is not certain that they will recover this money immediately because FTX’s bankruptcy is managed in the United States according to American law, while there is a liquidation of the company in the Bahamas. 

In addition, the regulators have made it known that there was comingling of FTX’s customers’ funds with those of FTX and its sister company Alameda Research, a hedge fund that also acts as a trading platform for institutional investors. Alameda was also part of Bankman-Fried’s empire.

Allegations

FTX, which was founded in May 2019, was unable to meet withdrawal requests from worried and panicked customers. Bankman-Fried is accused of loaning $10 billion in funds from FTX clients to Alameda Research when the two companies were supposed to be independent.

The former trader is facing a series of criminal and civil charges from regulators. SBF was extradited to the United States on Dec. 21 by the authorities of the Bahamas.

He was released after his parents, both law professors at Stanford, signed a $250 million recognizance bond pledging their California home as collateral. Two other friends with significant assets also signed, according to news reports.

“Bankman-Fried was orchestrating a massive, yearslong fraud, diverting billions of dollars of the trading platform’s customer funds for his own personal benefit and to help grow his crypto empire,” the Security and Exchange Commission (SEC) alleges in its civil complaint.

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Crowds gather as Pope Emeritus Benedict XVI’s body lies in state at Vatican

Latest & Breaking News on Fox News 

Members of the public waited for hours to pay their respects to Pope Emeritus Benedict XVI as his body lies in state in St. Peter’s Basilica.

As daylight broke, 10 white-gloved Papal Gentlemen — lay assistants to pontiffs and papal households — carried the body on a cloth-covered wooden stretcher up the center aisle of the mammoth basilica to its resting place in front of the main altar under Bernini’s towering bronze canopy.

According to The Associated Press, a Swiss Guard saluted as the body was brought in via a side door after Benedict’s remains, placed in a van, had been transferred from the chapel of the monastery grounds where the late pontiff died at the age of 95 on Saturday morning.

Thousands of people braved the damp weather to view Benedict’s body. The line of people snaked around St. Peter’s Square. 

Around 25,000 people are expected to pass by the body on the first day of viewing.

POPE EMERITUS BENEDICT XVI DEAD AT 95, VATICAN SAYS

Public viewing lasts for 10 hours on Monday in St. Peter’s Basilica. Twelve hours of viewing are scheduled for Tuesday and Wednesday before Thursday morning’s funeral, which will be led by Pope Francis, at St. Peter’s Square.

The service will be open to the public and the Vatican has provided contacts for Catholics worldwide wishing to concelebrate the mass remotely.

POPE BENEDICT’S VISION OF CATHOLICISM, VATICAN II, AND THE FUTURE OF THE CHURCH ENDURE THROUGH HIS TEACHINGS

Benedict was elected to the papacy in 2005. He later claimed that he prayed he would not be chosen throughout the conclave but was forced to accept what he believed was God calling him to greater service

In February 2013, at 85 years old, Benedict became the first pope in 600 years to resign from his post. 

“I have come to the certainty that my strengths, due to an advanced age, are no longer suited to an adequate exercise [of the pontificate],” he said at that time. 

On June 29, 2021, Benedict celebrated the Platinum Jubilee — 70th anniversary — of his ordination into the priesthood. 

The Associated Press and Fox News’ Timothy Nerozzi contributed to this report.

 

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Biblical site where Jesus healed blind man excavated for public view: 'Affirms Scripture'

JERUSALEM — The Israel Antiquities Authority, the Israel National Parks Authority and the City of David Foundation announced days before the new year that the Pool of Siloam, a biblical site cherished by Christians and Jews, will be open to the public for the first time in 2,000 years in the near future.

“The Pool of Siloam’s excavation is highly significant to Christians around the world,” American Pastor John Hagee, the founder and chairman of Christians United for Israel, told Fox News Digital. “It was at this site that Jesus healed the blind man (John:9), and it is at this site that, 2,000 years ago, Jewish pilgrims cleansed themselves prior to entering the Second Temple. 

“The Pool of Siloam and the Pilgrimage Road, both located within the City of David, are among the most inspiring archeological affirmations of the Bible. 

“Christians are deeply blessed by the City of David’s work and Israel’s enduring commitment to ensuring religious freedom to all who visit and live in the Holy Land, especially Jerusalem — the undivided capital of Israel.”

‘JESUS’ FACE’ UNCOVERED AT ANCIENT CHURCH IN THE ISRAELI DESERT

Rendering of the Pool of Siloam, Second Temple period

Rendering of the Pool of Siloam, Second Temple period
(Shalom Kveller, City of David Archives)

Ze’ev Orenstein, the director of international affairs for the City of David Foundation in Jerusalem, told Fox News Digital, “One of most significant sites affirming Jerusalem’s Biblical heritage — not simply as a matter of faith, but as a matter of fact — with significance to billions around the world, will be made fully accessible for the first time in 2,000 years.”

The Pool of Siloam is situated in the southern portion of the City of David and within the area of the Jerusalem Walls National Park.

CHURCH OF THE APOSTLES DISCOVERED NEAR SEA OF GALILEE, ARCHAEOLOGISTS SAY

A small section of the pool, which has been fully excavated, has been accessible to the public for several years. The vast majority of the pool is being excavated and will either be opened piecemeal or once the entire site is unearthed. The archeological project to fully excavate the pool will last a few years. There is a plan for space for visitors to the pool to view the ongoing excavation.

“Despite ongoing efforts at the United Nations and Palestinian leadership to erase Jerusalem’s heritage, in a few years time, the millions of people visiting the City of David annually will literally be able to walk in the footsteps of the Bible, connecting with the roots of their heritage and identity,” Orenstein noted. 

The Siloam Inscription dating from the eighth century B.C. found in Hezekiah's Tunnel describes in early Hebrew script the drama of digging the tunnel. 

The Siloam Inscription dating from the eighth century B.C. found in Hezekiah’s Tunnel describes in early Hebrew script the drama of digging the tunnel. 
(Zeev Radovan City of David archives)

The pool was first built roughly 2,700 years ago as part of Jerusalem’s water system in the eighth century B.C. The construction unfolded during the reign of King Hezekia  as cited in the Bible in the Book of Kings II, 20:20, according to the two Israeli agencies and the City of David Foundation. 

According to estimates, the Pool of Siloam passed through many stages of construction and reached the size of 1¼ acres.

“When I think of this news, I think of another phrase from the Hebrew Bible, ‘My ears have heard of you, but now my eyes have seen you,'” Rev. Johnnie Moore, president of the Congress of Christian Leaders, told Fox News Digital. 

ANCIENT CITY GATE FROM THE TIME OF KING DAVID DISCOVERED IN ISRAEL

“This news means that one of the most important archeological discoveries in history can soon be seen by visitors from all over the world. It will affirm all they believe. Having faith is part of worshipping God, but faith alone isn’t required to believe. There are historic facts attesting to the truth of Scripture.”

Moore, who is the on the advisory board of The Combat Antisemitism Movement, added, “In the Pool of Siloam, we find evidence of history preserved for us, revealed at just the right time. This is a truly historic event. Theologically, it affirms Scripture, geographically it affirms history and politically it affirms Israel’s unquestionable and unrivaled link to Jerusalem. Some discoveries are theoretical. This one is an undeniable. It is proof of the story of the Bible and of its people, Israel.”

Northern perimeter of the Pool of Siloam

Northern perimeter of the Pool of Siloam
(Koby Harati, City of David Archives)

A stroke of luck revealed the pool in 2004 when infrastructure work carried out by the Hagihon water company uncovered some of the pool’s steps. The Israel Antiquities Authority (IAA), under supervision of professors Roni Reich and Eli Shukron, launched a survey. As a result, the northern perimeter, as well as a small section of the eastern perimeter of the Pool of Siloam, were uncovered.

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“The perimeter of the pool was built as a series of steps, allowing the bathers to sit and immerse themselves in the waters of the pool,” according to the IAA.

Mayor of Jerusalem Moshe Lion, said, “The Pool of Siloam in the City of David National Park in Jerusalem is a site of historic, national and international significance. After many years of anticipation, we will soon merit being able to uncover this important site and make it accessible to the millions of visitors visiting Jerusalem each year.”

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Japan's emperor wishes for 'peaceful' 2023 in first live New Year address since pandemic began



CNN
 — 

Japanese Emperor Naruhito greeted well-wishers at the Imperial Palace in Tokyo for the first time in three years on Monday, reviving an annual New Year tradition that was paused during the Covid pandemic.

“Even today, wars and conflicts frequently occur worldwide, and I feel a deep sadness that many people have lost their lives. I strongly feel the importance of repeated dialogue and cooperation with others in the international community to overcome differences in stances,” said the 62-year-old emperor, according to a statement released in advance by the Imperial Household Agency on Sunday.

Images show the emperor and the royal family standing behind a pane of glass at the palace and waving to the crowd below. Many members of the public waved Japanese flags.

In abridged remarks on Monday he wished everyone a “peaceful” 2023.

“I know that there will be many difficulties, but I hope that this year will be a peaceful and good one for all of you,” the emperor said. From 2020 to 2022, Naruhito delivered his New Year’s speech via video message.

Japanese Emperor Naruhito and Empress Masako attend a reception to celebrate the New Year at the Imperial Palace in Tokyo on January 1, 2023.

Naruhito was joined by Empress Masako, their daughter Princess Aiko, and other members of the family. Under Japan’s male-only succession law, Princess Aiko is forbidden from becoming empress.

On Sunday, Naruhito attended a New Year reception at the Imperial palace with foreign ambassadors.

For centuries, Japanese rulers were considered the living embodiment of gods – but after the postwar US occupation of Japan, the country introduced a new constitution that banned the Imperial family from engaging in politics. Naruhito’s grandfather, Emperor Hirohito, was the last divine Emperor.

Nowadays, Naruhito is a symbol of the state rather than the head of state and wields no political power. Despite this lower public profile, the emperor remains a revered figure within Japan.

Naruhito began his reign in 2019 after his father Akihito became the first emperor to abdicate in 200 years.

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[World] Rescuers race to free Vietnamese boy trapped in shaft

BBC News world 

Image source, AFP

Image caption,

The rescue at the bridge construction site has been going on for two days

Rescuers in Vietnam are trying to free a 10-year-old boy trapped deep inside a narrow shaft at a building site.

Reports say Ly Hao Nam was searching for scrap metal when he fell into the hollow concrete pile in southern Dong Thap province on New Year’s Eve.

Teams have battled since then to free him, pumping oxygen into the 35m-deep support pillar to help him breathe.

He was heard crying for help two days ago but gave no response when a camera was lowered down the hole on Monday.

“We are trying our best. We cannot tell the boy’s condition yet,” one rescuer at the bridge construction site in the Mekong delta told AFP news agency.

Officials have been amazed that anyone could fall down the shaft in the pillar, which measures just 25cm (10in) in diameter.

Photos from the scene have shown the boy’s parents watching anxiously as rescuers try to reach their son.

Emergency teams have tried to lift the pile with cranes and excavators, but so far with no success.

They have also softened the soil around the pillar to try to free it, but that has made it tilt and complicated rescue efforts, Reuters news agency reported.

 

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Haval H-Dog Is A New Plug-In Hybrid SUV For China

Carscoops 

The Guangzhou Auto Show has attracted all manner of intriguing new vehicles and the Haval H-Dog is one of the most interesting.

This new SUV has been designed for younger consumers who live in urban areas but like to escape the rat race and head outdoors. This dual-purpose nature of the H-Dog is reflected in its design that has a boxy shape as has become quite common of off-roaders but also has some smoother and more refined surfaces.

The unique design is perhaps best seen when comparing the front end to the rear. Visible up front are squared wheel arches, straight design lines along the hood, a rectangular grille, and squared headlight surrounds. By comparison, the rear looks more fitting of an SUV you’d see driving around any large city, complete with round taillights, a curved rear window, and some more subtle creases and shapes.

Read: Haval Cool Dog SUV Debuts In China As Big Dog’s Sidekick

Found in the cabin of the H-Dog is a massive central infotainment display, a digital instrument cluster, a beefy steering wheel, plenty of carbon fiber accents, and a 2+3 seating layout.

Two powertrains will be offered, Car News China reports. The entry-level model has a 2.0-liter turbocharged four-cylinder delivering a total of 238 hp and coupled to an eight-speed automatic transmission driving the front wheels. Those after more grunt can opt for the PHEV variant that pairs a 1.5-liter turbocharged engine with an electric motor and battery pack system powering all four wheels. It produces 326 hp and 391 lb-ft (530 Nm) of torque and has an all-electric range of up to 93 miles (150 km).

Haval has not yet given an official launch date for the H-Dog. It is also unclear if it will be available in markets outside of China.

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Second quake in two weeks sends Northern California back to response mode



CNN
 — 

Northern California officials are back in clean-up mode after the second earthquake in two weeks struck the region Sunday morning, cracking walls and roads.

The 5.4 magnitude earthquake was shallow, striking at a depth of about 19 miles, the US Geological Survey (USGS) said. It was centered about 30 miles south of Eureka and 9 miles southeast of Rio Dell, the USGS said.

A 6.4 earthquake also shook the area, about 125 miles south of the Oregon border, on December 20, resulting in two deaths.

Rio Dell Mayor Debra Garnes said the December quake also left 27 of the town’s homes red-tagged – meaning they were unsafe due to damage – and 73 homes yellow-tagged. Some of the buildings were further damaged Sunday and may need to be torn down, she said.

“We are kind of starting over – we had moved from our response to recovery, and now we are basically in both,” Garnes told CNN’s Pamela Brown Sunday. “We have to be back in response because the southern end of town really took it hard this time.”

Garnes said Sunday’s quake shook her house.

“It was crazy. The earthquake felt more violent this time,” Garnes told CNN. “It was shorter, but more violent. My refrigerator moved two feet. Things came out of the refrigerator. There’s a crack in my wall from the violence of it.”

Garnes said a neighbor’s house also had a crack in the wall from the quake.

The mayor said 30% of the town’s water is shut down and the town lost “pockets” of power. There is a 35-foot crack in one of the town’s main roads, she said.

But the mayor said there has been a “tremendous response from the community,” in the form of state and local agencies as well as aid from neighboring towns.

“Literally everyone is trying their best to help us get through this,” Garnes said.

The Humboldt County Sheriff’s Office said in a statement that Sunday’s quake had cut power to an estimated 50% of Rio Dell’s residents. It said the Red Cross had opened an overnight shelter for quake-impacted residents.

The Office of the California Governor Gavin Newsom said that it was monitoring the quake’s impact.

“Stay safe – check gas and water lines for damages or leaks, prepare for aftershocks, and remember to drop, cover, and hold on,” the office said in a tweet.

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Alfa Romeo Teaser Reveals Taillight Of Upcoming Supercar

Carscoops 

Alfa Romeo published a short video montage on Instagram which included the first-ever teaser of its upcoming supercar, giving us an early preview of its taillight.

The video is welcoming 2023 saying it will be a “thrilling, visceral, and emotional” year for the Italian brand. It starts with footage of the Tonale as well as the recently facelifted Giulia and Stelvio asking us if we are ready for the new year. The most important part however is the ending, where the taillight of an unknown model makes a brief appearance in the “We Are” (Ready) phrase.

Read: Alfa Romeo Giulia SWB Zagato Is A Manual V6-Powered One-Off Special

The much-anticipated Alfa Romeo supercar is expected to debut in March 2023 and this is the first time we see a part of the model. The LED taillight looks like a 6 and a C, fuelling the rumors about the possible return of the 6C nameplate. The latter was used in various two-door sporstcars and racecars produced between 1927 and 1954. A new Alfa Romeo 6C would also be a fitting addition to the range following the front-engined 8C Competizione (2006-2010) and the mid-engined 4C Competizione (2013-2020).

The teaser doesn’t include any actual information about the upcoming halo model, but Alfa Romeo officials have given us a few hints in past interviews with the press. Alfa Romeo CEO Jean-Philippe Imparato has revealed that the design of the supercar will be inspired by iconic models from the past, hinting at the gorgeous 33 Stradale. Design boss Alejandro Mesonero-Romanos backed up the rumors saying they are up for a surprise reveal soon.

Reports on the possible underpinnings of the model suggest it could use an upgraded and more powerful version of the biturbo 2.9-liter V6 that was used in the Alfa Romeo Giulia GTAm. There are also rumors about a fully electric variant using tech from the Maserati Folgore range. In any case, the model is expected to offer impressive performance credentials and sharp driving dynamics.

The supercar will likely be a limited-production offering, translating to a hefty price tag and a high collectability status. There is a high chance it will be marketed as Alfa Romeo’s last ICE-powered model before the brand goes EV-only by 2027. We will keep an eye out for new teasers of the 6C as we suspect a lot of them in the next few months leading to its reveal.

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Five political trends that could make 2023 a momentous year



CNN
 — 

Republicans’ take over of the House this week will usher in a two-year political era that threatens to bring governing showdowns and shutdowns as a GOP speaker and Democratic president try to wield power from opposite ends of Pennsylvania Avenue.

The unprecedented possibility that former President Donald Trump, who’s already launched another bid for the White House, could face indictment could tear the nation further apart at a moment when American democracy remains under grave strain. The already stirring 2024 presidential campaign, meanwhile, will stir more political toxins as both parties sense the White House and control of Congress are up for grabs after the closely fought midterms.

Abroad, the war in Ukraine brings the constant, alarming possibility of spillover into a NATO-Russia conflict and will test the willingness of American taxpayers to keep sending billions of dollars to sustain foreigners’ dreams of freedom. As he leads the West in this crisis, President Joe Biden faces ever more overt challenges from rising superpower China and alarming advances in the nuclear programs of Iran and North Korea.

If 2022 was a tumultuous and dangerous year, 2023 could be just as fraught.

Washington is bracing for a sharp shock. Since November, the big story has been about the red wave that didn’t arrive. But the reality of divided government will finally dawn this week. A House Republican majority, in which radical conservatives now have disproportionate influence, will take over one half of Capitol Hill. Republicans will fling investigations, obstruction and possible impeachments at the White House, designed to throttle Biden’s presidency and ruin his reelection hopes.

Ironically, voters who disdained Trump-style circus politics and election denialism will get more of it since the smaller-than-expected GOP majority means acolytes of the ex-president, like expected House Judiciary Chairman Jim Jordan of Ohio and Rep. Marjorie Taylor Greene of Georgia, will have significant sway. The new Republican-run House represents, in effect, a return to power of Trumpism in a powerful corner of Washington. If House GOP leader Kevin McCarthy wins his desperate struggle against his party’s hardliners to secure the speakership, he’ll be at constant risk of walking the plank after making multiple concessions to extreme right-wingers.

A weak speaker and a nihilistic pro-Trump faction in the wider GOP threaten to produce a series of spending showdowns with the White House – most dangerously over the need to raise the government’s borrowing authority by the middle of the year, which could throw the US into default if it’s not done.

As Democrats head into the minority under a new generation of leaders, government shutdowns are more likely than bipartisanship. The GOP is vowing to investigate the business ties of the president’s son, Hunter Biden, and the crisis at the southern border. The GOP could suffer, however, if voters think they overreached – a factor Biden will use as he eyes a second term.

In the Senate, Democrats are still celebrating the expansion of their tiny majority in the midterms. (After two years split at 50-50, the chamber is now 51-49 in their favor). Wasting no time in seeking to carve out a reputation among voters as a force for bipartisanship and effective governance, the president will travel to Kentucky this week. He’ll take part in an event also featuring Republicans, including Senate Minority Leader Mitch McConnell, to highlight the infrastructure package that passed with bipartisan support in 2021.

Attorney General Merrick Garland could shortly face one of the most fateful decisions in modern politics: whether to indict Trump over his attempt to steal the 2020 election and over his hoarding of classified documents.

A criminal prosecution of an ex-president and current presidential candidate by the administration that succeeded him would subject the country’s political and judicial institutions to more extreme strain than even Trump has yet managed. The ex-president has already claimed persecution over investigations he faces – and an early declaration of his 2024 campaign has given him the chance to frame them as politicized.

If Trump were indicted, the uproar could be so corrosive that it’s fair to ask whether such an action would be truly in the national interest – assuming special counsel Jack Smith assembles a case that would have a reasonable chance of success in court.

Yet if Trump did indeed break the law – and given the strength of the evidence of insurrection against him presented in the House January 6 committee’s criminal referrals – his case also creates an even more profound dilemma. A failure to prosecute him would set a precedent that puts ex-presidents above the law.

“If a president can incite an insurrection and not be held accountable, then really there’s no limit to what a president can do or can’t do,” outgoing Illinois GOP Rep. Adam Kinzinger, a member of the select committee, said on CNN’s “State of the Union” Sunday.

“If he’s not guilty of a crime, then I, frankly, fear for the future of his country because now every future president can say, ‘Hey, here’s the bar.’ And the bar is, do everything you can to stay in power.”

Like it or not, with his November announcement, Trump has pitched America into the next presidential campaign. But unusual doubts cloud his future after seven years dominating the Republican Party. His limp campaign launch, bleating over his 2020 election loss and the poor track record of his hand-picked election-denying candidates in the midterms have dented Trump’s aura.

Potential alternative figureheads for his populist, nationalist culture war politics, like Florida Gov. Ron DeSantis, are emerging who could test the ex-president’s bond with his adoring conservative base. Even as he fends off multiple investigations, Trump must urgently show he’s still the GOP top dog as more and more Republicans consider him a national liability.

Biden is edging closer to giving Americans a new piece of history – a reelection campaign from a president who is over 80. His success in staving off a Republican landslide in the midterms has quelled some anxiety among Democrats about a possible reelection run. And Biden’s strongest card is that he’s already beaten Trump once. Still, he wouldn’t be able to play that card if Trump fades and another potential GOP nominee emerges. DeSantis, for example, is roughly half the current president’s age.

As 2023 opens, a repeat White House duel between Trump and Biden – which polls show voters do not want – is the best bet. But shifting politics, the momentous events in the months to come and the vagaries of fate means there’s no guarantee this will be the case come the end of the year.

Russia’s invasion of Ukraine last year showed how outside, global events can redefine a presidency. Biden’s leadership of the West against Moscow’s unprovoked aggression will be an impressive centerpiece of his legacy. But Russian President Vladimir Putin shows every sign of fighting on for years. Ukraine says it won’t stop until all his forces are driven out. So Biden’s capacity to stop the war from spilling over into a disastrous Russia-NATO clash will be constantly tested.

And who knows how long US and European voters will stomach high energy prices and sending billions of taxpayer cash to arm Ukraine if Western economies dip into recession this year.

Biden has his hands full elsewhere. An alarming airborne near miss between a Chinese jet and US military jet over the South China Sea over the holiday hints at how tensions in the region, especially over Taiwan, could trigger another superpower standoff. Biden also faces burgeoning nuclear crises with Iran and North Korea, which, along with Russia’s nuclear saber rattling, suggests the beginning of a dangerous new era of global conflict and risk.

Rarely has an economy been so hard to judge. In 2022, 40-year-high inflation and tumbling stock markets coincided with historically low unemployment rates, which created an odd simultaneous sensation of economic anxiety and wellbeing. The key question for 2023 will be whether the Federal Reserve’s harsh interest rate medicine – designed to bring down the cost of living – can bring about a soft landing without triggering a recession that many analysts believe is on the way.

Washington spending showdowns and potential government shutdowns could also pose new threats to growth. The economy will be outside any political leader’s capacity to control, but its state at the end of the year will play a vital role in an election that will define America, domestically and globally after 2024.

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