by Jim Rickards, Daily Reckoning:

I’ve written frequently in the past about the risks of escalation in the war in Ukraine. Of course, all wars carry such risks and often the escalation plays out exactly as feared.

World War II began with the conventional weapons of the time (infantry, ships, aircraft, artillery, etc.) but eventually escalated to fire-bombing major cities like Dresden, annihilating entire army groups on the Eastern Front in Europe with millions of dead and the use of atomic bombs over Hiroshima and Nagasaki.