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Autocrats and American presidents alike need to be thoughtful about word choice. If it is indeed “better to jaw-jaw, than to war-war”, as Winston Churchill famously put it, one best be quite careful with those words, lest they trigger the alternative. The Biden Administration’s walk-backs of the President’s recent off-the-cuff Taiwan defense comments, not far off the heels of his call for a change in Russian leadership, at the end of a fiery speech in Warsaw, are cases in point. Clearly he (and we) would welcome Putin’s ouster, but it might be best not to say it. But if “regime change” is not explicitly called for, at least not officially, it is nonetheless very much in the air. And it’s not just pervading the political ether. We sense, as well, the imminent arrival of very meaningful, and likely long-lasting, regime change across the full spectrum of the economic and financial landscape. Let’s take a look at all three realms – political, economic and financial – in order.