Asymmetry of Will: Ukraine matters more to Russia than it does to the West, and Putin has more support from the elite, and the street. Even though Russia wants it more, economic costs are unaffordable for both sides. Russia need not invade to win, can avoid provoking serious sanctions that the West

When Obama repeatedly chanted "costs" should the Kremlin continue to ignore him, it appears he was referring to western corporations, because overnight we got the first batch of companies scapegoating no longer snow in the winter but - what else - the Ukraine.

The memory and attention span of financial market participants can be compared to that of mayflies. The mayfly is a member of the order ephemeroptera, from the Greek term for 'short-lived' (literally: 'lasting a day'). The English word 'ephemeral' comes from the same root. You get our drift.

Perhaps the most important "news" of the day is that it is non-Tuesday. Yes, there was actual news news, like German factory orders dropping -2.8% on expectations of a 0.3% increase, French industrial production down -0.7% on expectations of a 0.3% increase...

So much for the Lehman effect: five years after Barclays acquired Lehman's only valuable asset - its North American brokerage personnel - in a liquidation firesale, the benefits have all but disappeared.

While everyone is by now fully aware just how dependent Europe is on Russia's energy supplies (and most are aware of the "nonsense" that the US will fill any gap if Russia steps up its actions - which Barroso said wouldn't happen because "Russia has self-interest not to play the energy card") but fe