We now know that Biden was right, and Putin had made up his mind to invade. He clearly would like a quick victory after which he can try to do damage control and try to consolidate whatever gains he can secure. If it stalls or drags on, it will be a serious hit to his economy.
It has certain repercussions to the rest of the world, mainly in regard to energy. The sanctions being imposed will also have some impact to others as certain trade will be interrupted leading to some price increases. General uncertainty will also impact stock prices for a bit.
Whatever the outcome the real danger is whether we are looking at an expansionist dictator in charge of one of a large European power. Russia is no longer what it was as the USSR and Putin may be trying to recreate that. He probably can't but that doesn't mean he can't try.
The best outcome would be the one that minimizes human suffering.
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