This view of the world may differ from what you’re used to, but it will help you understand why Trump and Zelensky see things differently. It will help you determine which one is right. Bear with me:

The Trump view is coming into focus. His attempt to end the Ukraine war began with his Secretary of State tossing essential negotiating points in the toilet—membership in N.A.T.O. is never going to happen, and forget about Ukraine regaining territory. Putin had already banked some of his greatest desires without giving up anything. Vice President Vance blasted some of our European allies as anti-free speech. Then Trump called Zellensky a dictator.

If you were a visitor from Mars assessing which side Trump was taking in the Ukraine conflict, the pro-Russian tact would be evident. Trump gave away his pro-Putin stance by allowing V.P. Vance, who is known to harbor ill will towards Ukraine, to attack its President in the meeting on national TV. The Russian response is unabashed glee. If Trump demands Russian concessions in private, would Putin be so happy?

Why does Trump favor the Russian dictator? There are two possible theories. Our President sees himself as Frederick the Great of Prussia, joining with his fellow monarchs in Russia and Austria-Hungary to divide up hapless Poland- only he sees himself getting together with Russia and China to divide the world into spheres of influence. That aligns with the view of Trump, the Narcissist adding “Great” to his title. His attitudes towards Canada, Denmark, and Panama point in this direction. How does this conform to our ideals? How does anyone but him benefit?

Inflation continues, and our politicians are busy blaming each other rather than offering common sense solutions. They and the media keep pointing to specific products and sectors in the Consumer Price Index (CPI), causing the price to rise. Akin to the blind men describing an elephant, it’s energy, no rent, no wages, and on and on. We must realize that certain items aren’t going up simultaneously, but an increase in one leads to another; once inflation takes hold, it continues to rachet up until supply increases force prices down or demand is curtailed to the point that lack of sales stops prices from rising.

The last significant inflationary period was in the 1970s and early ’80s. It was brought under control by a combination of the Federal Reserve, raising the cost of borrowing so high it crushed demand, resulting in a severe recession. At the same time, we lowered taxes and regulations. Government pushback, such as Reagan’s firing of the Air comptrollers and continued business movement to right-to-work states, curbed wage demands and improved productivity.

Lowering expenses and making more investment capital available increased businesses’ incentive to expand production. The increase in supply met or exceeded demand, mitigating price pressures. We often forget to look at the profit & Loss effect spurring investment:

The impact on energy prices illustrates how well this worked.

The Great Inflation of the 1970s got its kickstart with the dramatic increase in the crude oil price following the Arab oil embargo. Because oil prices affect so much of the economy, price pressure spreads. Prices followed as transport, chemicals, fertilizer, and heating costs increased.

Rather than suppress the resulting inflation through high interest rates, the Fed created more money to accommodate it.