Walter Russell Mead discusses the American Southwest’s pumping more crude oil than Kuwait, the International Criminal Court’s threat to arrest Israeli officials, the financial industry’s exodus from New York and California, and how support for Hamas could split the Democratic coalition on What Really Matters.

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President Vladimir Putin holds a videocall with Chinese President Xi Jinping in Moscow on January 21, 2025. (Gavriil Grigorov/AFP via Getty Images)