This week, President Joe Biden attends the G-7 summit in Germany and a NATO summit in Spain.

These meetings of the free world’s major economic powers and its paramount political-military alliance are particularly significant. America and its allies, seeking recovery from the coronavirus pandemic, have spent their way into dangerous inflation and the face grim prospect of an imminent recession. NATO is engaged in proxy military hostilities with Russia in Ukraine as Europe’s worst land war since 1945 grinds on, producing death, destruction, and global economic consequences. Looming above all else is China, the existential threat for the West’s foreseeable future.