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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A Mexican National Guard officer stands guard on a pickup truck during a vehicle check heading to the United States at the San Ysidro Port of Entry crossing in Tijuana, Baja California, Mexico, on February 6, 2025. (Getty Images)