Did someone say 'New Cold War'?
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Yep, I can see things going that way but the Soviets answered our forward missile defense base in Poland with sword-rattling, rhetoric and "economic measures which he said were unrelated to the fighting with Georgia"; basically banning poultry imports from 19 U.S. companies due to high content of "antibiotics and arsenic". They'd threatened some more heavy-handed measures but have done nothing beyond this poultry ban. Seems like a weak response, they can bully Georgia but not the U.S. and NATO.
The way that Putin describes Georgia as attacking "the autonomous region of South Ossetia" is ludicrous; never mind that region was inside the recognized international borders of the Republic of Georgia.
I think that the Winter Olympic Games in Sochi, Russia should be revoked over this shituation.