Larry Kudlow: These are the crises that could bring down the Biden administration

War fever is in the air! There's wall to wall media coverage of U.S. officials warning of an imminent Russian invasion of Ukraine. Nobody can confirm anything, but everybody is talking about it.  

A quick chronology: Secretary of State Blinken in Australia warned today of increased Russian aggression, citing new Russian forces on the Ukraine border and warning American citizens that they should leave the Ukraine right away. 

Then came a report from PBS that U.S. defense officials now believe Putin has decided to invade Ukraine.  

BIDEN TELLS AMERICANS IN UKRAINE TO ‘LEAVE NOW’ AS POSSIBLE RUSSIAN INVASION LOOMS 

Our Jennifer Griffin also forwarded this report. Then, National Security Advisor Jake Sullivan came into the White House press room for a lengthy briefing where he said that the administration now sees an escalation in the conflict and that Russia is putting more pieces in place to invade Ukraine. 

Sullivan said it's likely to begin with aerial bombings and missile attacks and that is truly new information and raises the risk factor of invasion quite a bit.  

Our Fox strategic analyst, General Jake Keane, on the air earlier believes the diplomatic phase has ended. General Keane mentioned a nine-hour meeting with Russia, Ukraine, Germany and France—the so-called Normandy framework — but there were no solutions and the Russians are apparently now fending off any additional meetings. 

Sullivan reported that President Biden is expected to call President Putin soon. Why? I don't know. The only thing that makes sense to me is to let Putin know that if he in fact starts bombing Ukraine, the U.S. will instantly cut all Russia banks and their central bank off from the dollar-based world banking transaction system. 

In other words, immediate expulsion from world finance and a restoration of the sanctions of the Nord Stream 2 Pipeline, which of course never should've been ended in the first place and was a big, fat golden gift to Putin many months ago and by shutting down our XL pipeline and permitting the Nord Stream Pipeline to open was an enormous reduction of American power and an increase of Russian power—a truly stupid thing the Biden administration has done, second only to the catastrophic Afghanistan withdrawal, which was the original signal of American weakness, seized upon by Russia, China and Iran. 

INVESTORS BET UKRAINE-RUSSIA WAR WILL BE AVERTED 

I'm just a reporter here. I have no first-hand knowledge, nor can I vouch for any of these speculations by the Biden administration. It all strikes me as very curious, suddenly today, the peaceniks in the Biden administration have become the "beat the drum" hawks about a war in Ukraine. 

This, of course, comes a day after the terrible 7.5% CPI inflation report that shows no signs of evading, with no concrete steps by either the Treasury of the Federal Reserve to immediately put into place an action plan to curb inflation. 

This inflation is taking an extraordinary toll on the middle class with estimates of $250 a month in higher costs for typical Americans. That's $3,000 a year. Inflation is the cruelest tax of all. 

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It is likely to bring down the Biden administration, certainly with all these other failures in foreign policy and of course the collapse of their domestic big government socialist BBB agenda. 

This article is adapted from Larry Kudlow's opening commentary on the February 11, 2022, edition of "Kudlow."