Pyrotechnics of the Caribbean

Venezuela, Colombia, Ukraine, Russia, monetary vs fiscal policy, and trade.

The Pirates Under False Colors - Can They Capture the Ship of State?, Thomas Nast, centre spread for Harper's Weekly, 9 November 1872. Cornell University Americana Collection, Ithaca, New York.

Hello,

Here are the five things you need to know today:

• VENEZUELA. Trump and Maduro pretend to spar.

• COLOMBIA. Petro’s cartel strategy backfires.

• UKRAINE. RUSSIA. Putin can’t afford a less-than-perfect peace.

• FISCAL DOMINANCE. A battle for the heart of American capitalism.

• TRADE. New targets are eyed as tariffs begin to bite.

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VENEZUELA. Stranger tides

Trump and Maduro pretend to spar.

Caracas said Tuesday it had dispatched ships, drones and troops to patrol Venezuela's maritime and land borders. AFP said a US attack submarine and guided missile cruiser would join several vessels already sent to the southern Caribbean.

INTELLIGENCE. Donald Trump and Nicolas Maduro have been rattling sabres, despite a recent prisoner release deal and the extension of Chevron's license to operate. Venezuela's latest move has been described as an escalation against the US, but it's also ostensibly to stop the cartels, which Trump wants to counter too. Troops have been massed on the Colombian border, where they operate, but not Guyana's, where tensions are traditionally more acute.

FOR BUSINESS. US ships have been sent to the Caribbean to counter drug trafficking. The White House has been vague on whether those targeted include the "narco-terrorist regime" in Caracas. But the flotilla is too small (so far) to pose a real threat. And Venezuela's forces are too feeble to do much damage from the other side. Still, as Guyana heads to elections and other regional parties, including Trinidad and Tobago, weigh in, there's a risk of miscalculation.

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COLOMBIA. Zero FARC given

Petro’s cartel strategy backfires.

At least 34 troops had been kidnapped, the defence ministry said Tuesday, after clashes with the Central General Staff (EMC), an offshoot of the FARC. President Gustavo Petro called the EMC "terrorists" with the city of Cali "under siege".

INTELLIGENCE. A range of dissident groups from the former FARC militia continue to