William Katz:  Urgent Agenda

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RETURN TO THE COLD WAR? – AT 9:25 A.M. ET:  There was action off Alaska this morning.  From Fox: 

Two Russian Bear bombers -- escorted for the first time by a pair of Su-35 "Flanker" fighter jets -- entered Alaska's Air Defense Zone early Thursday morning, U.S. officials told Fox News.

The Russian formation was intercepted by a pair of U.S. Air Force F-22 stealth fighter jets that were already flying a patrol about 50 miles southwest of Chariot, Alaska.

It was the first time the U.S. Air Force has seen advanced Russian Su-35 fighter jets escort Russian Cold War-era bombers near Alaska.

The Russian fighter jets were unarmed and remained in international airspace, officials said.

Late last month, Russian bombers flew near Alaska over four consecutive days for the first time since 2014.

Thursday's episode comes one day after President Trump spoke over the phone with Russian President Vladimir Putin. The White House said the conversation focused on crises in the Middle East and North Korea, with no mention of recent Russian provocations.

The conversation was described in a readout as "a very good one."

Trump in April said U.S. relations with Russia were at an "all-time low," and Secretary of State Rex Tillerson also described the relationship between the countries as being at a "low point."

COMMENT:  Whether we want it or not, we seem to be in a new Cold War with Russia.  It appears that Putin wants it, to reassert both Russia's power and his perception of Russia's greatness.

The deployment of the Su-35, even unarmed, demonstrates that, despite the weakness of the Russian economy, Russia still has the capacity to develop and build the most modern weapons.

There is a tendency in some circles to belittle Russia and underestimate her capabilities.  We forget that the old Soviet Union fought World War II with a third-world economy, yet made mincemeat of Hitler's armies. And even countries with wobbly economies can direct the resources they have to defense, and those may be considerable resources.

May 4,  2017