Niall Ferguson

The Danes are in especially weak positions because they've given pretty much all of their military hardware to Ukraine.

They don't have actually much defense capability at all at this point.

So until the Europeans do serious rearmament,

and I especially mean until the Germans do serious rearmament, Ukraine needs the United States to remain engaged or it risks losing the war.

I was down at the Ukrainian house earlier today, and there's a fantastic video.

You must go and see it.

An AI-generated video imagining Russian drone strikes on a Paris airport.

on Brussels and brilliantly on Davos.

And the Ukrainian point, which I wholly agree with, is that Europeans just find it really hard to believe what you said earlier, that Ukraine is in fact fighting for Europe.

They just can't imagine that the Russians would ever do to their cities what the Russians are doing to all the major Ukrainian cities every night.

to the point that Kyiv at this point has almost no heating and electricity in really large parts of town.

I mean, there are people I know whose apartments have no heat in midwinter, and it's bitterly cold there.

So I think we don't, and the Europeans as well, don't fully understand how fragile the situation is, how overstretched Ukraine is, how hard it is to sustain this war, and how desperately we need the war to stop.

Peace in the sense of the Russians all leave and Ukraine gets the Donbas back, maybe even the Crimea.

This is a total fantasy.

That is not how wars like this end.

There are two scenarios.

Scenario one, Ukraine loses.

Finally, they just can't sustain defense anymore.

Morale crumbles.