Free Republic

Russia was poised to default on its foreign debt for the first time since 1918, pushed into delinquency not for lack of money but because of punishing Western sanctions over its invasion of Ukraine. Russia was likely to miss payments on two foreign-currency bonds late Sunday, according to holders of the bonds who had yet to see funds deposited. The day marks the elapse of a 30-day grace period since the country was due to pay the equivalent of $100 million in dollars and euros to bondholders.

Some Chicago officials say anti-American resentments likely played a role in Chicago’s Olympic bid dying in the first round today. President Obama could not undo in one year the resentment against America that President Bush and others built up for decades before, they said. “There must be” resentment against America, the Rev. Jesse Jackson said, near the stage where he had hoped to give a victory speech in Daley Plaza. “The way we [refused to sign] the Kyoto Treaty, we mislead the world into Iraq. The world had a very bad taste in its mouth about us. But there was...