RICHARD FERNANDEZ: What We Can Learn From Russia’s Debacle. “If Putin had followed the advice offered in the Belmont Club just before the Ukraine War, Russia might still be a first-rank power. On Feb 21, 2022, I argued that he had no chance of conquering Ukraine and would be crazy to try.”

Plus: “If there’s any lesson in this for Washington, it must be to ask: how much of America’s power is a myth, like Russia’s? Dare we collapse the wave function?”