Regarding the current recession, we are not out of the woods yet by any measure. The European Union is staggering as Greece, Spain, Portugal, and Ireland are in danger of defaulting on their debts.
President Obama's recently tabled budget would raise American debt to $28 trillion (twice the size of the US economy) by the end of the decade. Seems we are awash in debt, mostly unsustainable.
The squabble over arctic rights (there's money under that thar' ice!) is simply capitalism operating as normal. All the arctic countries are scrambling to assemble data to grab as big a share as possible.
Canada has launched a six-metre torpedo-like device to map the ocean floor to support its claim and the competition is on.
Spying, rhetoric, lies, reprisals, and bullying, if not outright war, will be the order of the day for some time to come.