At what price do we get our news? The role of economics in defining the nature of contemporary journalism has never been better explained. A valuable, important book for those of us who watch, read, or listen to the news.

Vladimir Putin is a Russian czar. He's kind of a mix of Peter the Great and Stalin. He's got both in his veins. And he looks out first and foremost for the national security interests of Russia. He accepts that, in Eastern Europe, that is a Russian backyard, that is a Russian sphere of influence. Ukraine lives most uncomfortably and unhappily in a Russian backyard.

When President Obama in 2011 used military power against the Qaddafi regime in Libya, he did not even notify Congress. A few in Congress mumbled, but did nothing.

Putin never wanted all of Ukraine. He wanted for historical purposes to take Crimea. He did. Then he wanted a part of Ukraine that he could always use to advance Russian interests. And he is now at a point where nobody in the West is shouting, hey, stop. Give us back Crimea. It's all accepted. And so he has won.

Putin is a despot, and he's a very good despot. And he will see things in a narrow way. What is good for Russia? That is what he will do. If that's represented by a move toward the Baltic, that would be very dangerous, but he would do it, on the assumption that he would ask himself the question: I am prepared to fight for Estonia. Is the United States? Is Germany? Is Britain, France?

Well, we have got to understand, for example, Russia is an orthodox Christian nation. So is Ukraine. That happened in 988 in Crimea, a place called Kievan Rus, which was the Russia around Kiev at that time. It's 1,000 years ago, but, to a Russian, it's yesterday.

At what price do we get our news? The role of economics in defining the nature of contemporary journalism has never been better explained. A valuable, important book for those of us who watch, read, or listen to the news.