Walter Russell Mead discusses the American Southwest’s pumping more crude oil than Kuwait, the International Criminal Court’s threat to arrest Israeli officials, the financial industry’s exodus from New York and California, and how support for Hamas could split the Democratic coalition on What Really Matters.

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Bucket-wheel excavators mine rare earth materials on Ukrainian soil on February 25, 2025, in the Zhytomyr region of Ukraine. (Kostiantyn Liberov via Getty Images)