Ronald D. Asmus writes about the Russian-Georgian conflict.

To be sure, the Georgian government and President Saakashvili himself is responsible for launching its military move on August 7--albeit in response to provocations and heavy shelling by South Ossetian separatists. That move gave Moscow the pretext to invade. Today, Western observers understandably ask why Tbilisi allowed itself to be goaded into what was clearly a Russian trap. President Saakashvili will have to answer that question himself. But I suspect I have a pretty good idea of what he will say. In our recent conversations, it was clear to me that he was concluding that the West was not serious about resolving these conflicts, that he did not believe he would ever have the diplomatic support required, and that the status quo could not go on forever. He watched Russia's creeping annexation of Abkhazia start last spring with almost no Western response. That does not justify what clearly was a terrible strategic mistake by Georgia to act militarily. But it points to the mistakes--both of omission and commission--the West made that contributed to this crisis.

Cathy Young writes about it in Reason.

Russia has pointedly compared South Ossetia's claims to independence to those of Kosovo, whose recognition it strongly opposed. (Russia's own war against secessionist Chechnya, which killed tens if not hundreds of thousands of civilians, goes unmentioned.)

The Russians going on about human rights and genocide is a little bizarre. Young again:

Some liberal Russian commentators, such as EJ.ru's Dmitry Sidorov, argue that Saakashvili walked into Moscow's trap, giving Russia an excuse for an invasion that will fatally destabilize Georgia's political system. Meanwhile, opposition leader Mikhail Kasyanov believes it was the Kremlin that let itself be provoked into a military confrontation that will badly hurt Russia's international standing.

Obviously it remains to be seen how this shakes out. It was interesting to see the Presidents of Poland, Ukraine, Estonia, Lithuania, and Latvia in Tbilisi in solidarity. To me a lot depends on the future state of the global financial system and hence the global economy. Will it continue to slide?

Krugman says:

A nasty inflation number today. But remember what the guide says: DON’T PANIC.

Basically, what we’re seeing is pure commodity price inflation, with not a hint of a wage-price spiral. And the commodity boom seems to be over. So inflation will be headed down soon.

I’m sure that Gentle Uncle Ben is under immense pressure to raise rates. But he shouldn’t.