Is Indian Prime Minister Narendra Modi’s embrace of his Russian and Chinese peers a mere signal of his displeasure with American tariff policy, or the beginning of a deeper geopolitical realignment? Hoover senior fellows Niall Ferguson, John Cochrane, and H.R. McMaster discuss the significance of Modi’s summitry with Vladimir Putin and Xi Jinping. This leads into a broader conversation about Ukraine’s durability (with Niall soon to visit Kyiv), as its conflict with Russia becomes a predominantly drone war. Also discussed: the question of power-wielding in Washington—the American president derided as a modern-day fascist for his use of executive authority; the differences between Trump Derangement Syndrome in the past versus the present; the Federal Reserve’s independence (and sprawl); plus the merits of the federal government taking a 10% equity stake in chip manufacturer Intel. Finally, some bad news for our London fans: While the GoodFellows will be gathering in the UK’s capital city, there are no plans for a rooftop concert à la the Beatles atop their Apple Corps building. Subscribe to GoodFellows for clarity on today’s biggest social, economic, and geostrategic shifts — only on GoodFellows.