Despite a 21% interest rate—the highest in years—Russia’s annual inflation surged to 9.5% in December, exceeding expectations. This increase, driven by substantial military spending exceeding $100 billion, affects all sectors, with food inflation particularly acute. The Central Bank’s attempts to curb inflation through interest rate hikes have proven ineffective, leaving the economy overheated and potentially vulnerable. Experts disagree on the likelihood of a broader economic crisis.
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The Senate overwhelmingly approved the $895 billion National Defense Authorization Act (NDAA) for fiscal year 2025, despite significant criticism. The bill includes controversial provisions banning gender-affirming care for children of service members and prohibiting the Pentagon from citing Gaza casualty figures from the Gaza Ministry of Health. Opponents decried the bill’s high cost and argued that these provisions prioritize political agendas over the well-being of service members and their families. Advocates are urging President Biden to veto the NDAA, which they contend is the first federal legislation restricting access to medically necessary healthcare for transgender adolescents.
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Greece’s 2025 budget, approved by parliament, significantly increases defense spending to €6.1 billion, nearly double the previous allocation. This rise, driven by increased equipment deliveries, reflects the government’s prioritization of national security amidst regional tensions, particularly with Turkey. The increase received broad support across the political spectrum, despite representing approximately three percent of Greece’s GDP. The budget also includes measures to reform the banking system, benefiting citizens through reduced fees and investments in public infrastructure.
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John Q. Hosedrinker