Isolationists would say that guarantees could cost overburdened Western taxpayers too much. I would argue that the price of permitting a Russian victory is too dear for the West.
The conflict in Ukraine is a conventional land war in Europe, where authoritarianism is seeking to crush democracy. That chimes with the first phase of the Second World War.
War bonds are another recurring element. Ukraine has issued about $US300 million ($420.7 million) of war bonds in its currency, the hryvnia, to support its fightback against Russia. But what Ukraine needs now is a much larger financing in dollars or euros that is guaranteed by the West.
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Financial Times
Jonathan Guthrie is a Financial Times associate editor and the head of Lex, its premium commentary service on companies and investment.
