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Fenced in Where the West Commences | Amid World War II, Bing Crosby popularized a song by Cole Porter called “Don’t Fence Me In.” It’s really about American cowboys and the expanse of the US with its “land, lots of land under starry skies above.” But, this week, one of its lyrics reminded me of Europe: “I want to ride to the ridge where the west commences, and gaze at the moon till I lose my senses.” That’s because Europe is the historic heart of the geopolitical West — and the continent is losing its senses after US President Donald Trump announced a barrage of policy initiatives that threaten the old trans-Atlantic status quo. “The West became a geopolitical concept only after defeating Nazism and Fascism in World War II,” Andreas Kluth writes, reechoing the definition. “Its first formal institution was the North Atlantic Treaty Organization, originally founded ‘to keep the Americans in Europe, the Russians out, and the Germans down.’” The Germans — defeated twice and finally convinced their fate lay with the alliance — became fervent advocates of Western democratic values. The designation has grown beyond geography. As Andreas notes, “Many nations want to join these institutions because they are also organs of the West. The Ukrainians protesting on the Euromaidan in 2013-14 wanted to get both into the EU and away from Moscow, which to them represents an authoritarian ‘East’ as Beijing does to the people of Taiwan, or Pyongyang to South Koreans.” US Vice President JD Vance’s remarks about “the threat from within” — a phrase dripping with Hitlerite precedents — left senior EU policy makers aghast even as Germany is heading for what may be an epochal election this weekend. Marc Champion says this is all a result of Trump’s plan to reset Washington’s relations with Russia — and the US president doesn’t care where that leaves Ukraine or Europe. But will the abandonment of decades of American patronage be enough to shake Europeans out of decades of indecision in the face of external threats? Already, there is a call to arms — or, more specifically, a plea for the 27-headed European Union to raise national defense budgets. Marcus Ashworth notes there is already a financial template in place to help. “The European Union needs to come together, fast, for its own self-preservation. That will cost a lot of money, and happily there is an existing template from the pandemic: The NextGenerationEU €800 billion ($840 billion) bond-issuance platform.” Lionel Laurent pinpoints areas where the money can be spent to make up for prospective shortfall in US monetary support. “Operational intelligence, air defense, airlift and refueling. The mass production of ammunition and drones would serve to rival Russia’s efforts, while also bolstering new entrants on the defense scene like artificial-intelligence startup Helsing. More joint orders and standards for equipment like tanks would help reduce the fragmentation of defense markets across national lines, as would the consolidation called for by Airbus SE and Rheinmetall AG.” Can the EU make it happen? The member states have always put butter before guns. Lionel says, “Now’s the time to grasp the nettle and explain to voters the benefits of acting sooner, when costs are manageable, than later, when they might not be.” Optimistically, Marcus quotes, of all people, Lenin: “There are decades where nothing happens, and there are weeks where decades happen. Toilet Humor? Toto Laughs All the Way to the Bank | Japan’s high-tech toilets are the envy of the world and the butt (sorry, couldn’t help myself) of many jokes. Laugh all you want. As Gearoid Reidy notes, there’s serious money being made by Toto Ltd., the maker of state-of-the-art Washlet toilets. And a lot of the new profits spring from the ceramic know-how the company has accumulated “as the popularity of its heated, water jet-equipped thrones grew overseas.” Says Gearoid, “a far smaller division that makes high-quality ceramics for the semiconductor industry has been growing to contribute more than 30% of Toto’s profit.” He says that while Japan only appears to have lost the innovation edge to rivals like China, South Korea and Taiwan, “it’s a mistake to think that lack of visibility means declining relevance.” In fact, “Toto is just one example of how many successful firms have sought to reinvent themselves, entirely or in part, by moving out of easily imitated consumer-facing brands and rising up the value chain into specialized, hard-to-make materials,” he writes. “What Ukraine has is scorched earth; what it doesn’t have is rare earths. Surprisingly, many people — not least, US President Donald Trump — seem convinced the country has a rich mineral endowment. It’s a folly. It's not the first time that Washington has gotten its geology wrong in a war zone. Back in 2010, the US announced it had discovered $1 trillion of untapped mineral deposits in Afghanistan, including some crucial for electric-car batteries, like lithium … All very important stuff, the kind of geo-economic shock that redraws the global political map. But it was, as many said then, and as everyone knows now, a complete fantasy. The same applies to Ukraine’s alleged riches.” — Javier Blas in “Rare Earths in Ukraine? No, Only Scorched Earth.”  “For neobank Revolut, the fintech hype looks set to be tested, with co-founder Nik Storonsky recently flagging that backers will want an initial public offering ‘sooner or later’ and that the US looks a preferable listing destination. Private markets currently value Revolut at $45 billion ... That’s a mark of confidence in a platform that lacks the huge loan books or trading floors of those banks yet has managed to amass 50 million customers, secure a provisional UK banking license and turn a profit three years running. (Though let’s not forget the fraud victims and hacks along the way.)” — Lionel Laurent and Paul J. Davies in “Revolut's Road to IPO Will Test Fintech’s Hype.” Somethings rotten in the state of Canada. — Robert Burgess A succession drama grips Hong Kong . — Shuli Ren Kim Kardashian’s new business partner. — Andrea Felsted Milei endorses Libra. Oops. — Juan Pablo Spinetto Malaysian lessons for Musk. — Catherine Thorbecke UK retirees: Use your pensions! — Marcus Ashworth and Stuart Trow An Australian hawk lets down her guard. — Daniel Moss Walk of the Town: New York Versus London on the Run | In a column this week, I wrote about deciding to run again after about a decade’s hiatus. Knee pain has always been one of the hindrances, at least in my own head. But the other mental obstacle was where to run. I’d watch people running along the walkways along the Thames or on the pavement (that’s, sidewalks to Americans). But the meandering crowds of tourists and pedestrians were always daunting. New York’s sidewalks are even more congested, but, at least where I lived in the Upper West Side, I had convenient access to Central Park, Riverside Park and the 12.5- mile-long expanse of the Manhattan Greenway Trail along the Hudson.  By the Hudson on the West Side of Manhattan Photograph by Howard Chua-Eoan/Bloomberg I’m only beginning to figure out how to run in London. For now, as I inch my mileage upwards, I’ve mapped out a mile-long circuit that doesn’t take me out of the sprawling Barbican development in the City of London. But I’m pretty sure I’ll be bored of it soon and will need to extend my routes elsewhere. As a walker, I’m familiar with the pedestrian paths along the Regent’s Canal, but they are as busy as the rest of London’s sidewalks. From my few visits, Regent’s Park appears more conducive to solo running so is Hyde Park. But those two immense green spaces will need a bit of commuting to get to.  The Millennium Bridge: Now, throw in a group of fifty runners. Photograph by Howard Chua-Eoan/Bloomberg If I have to, I’ll join a running club. You can see and hear them coming in London: the leader of the pack is usually equipped with a mini-boom box thumping with dance music. I was once caught in the middle of a horde of runners dashing across the Millennium Bridge. I stood my ground as the sneakered tide jostled me with little thought to my safety. It was frightening — and obnoxious. On second thought, I’d rather run alone. What’s up, duck?  ”You won’t croak. I know a lot of quacks.” Illustration by Howard Chua-Eoan/Bloomberg Notes: Please send geopolitical remedies and feedback to Howard Chua-Eoan at hchuaeoan@bloomberg.net. Sign up here and find us on Bluesky, TikTok, Instagram, LinkedIn and Threads. | 
